Pennies repel bugs

So there is an article  here explaining how pennies in a plastic bag with water will repel flies and other insects from your outdoor activities.  How true is this?  I don't know.  My wife has tried it, but I never gauged the results.  It seems a little hokey to me.  But even Snopes has been unable to confirm or deny the validity of this.  If it does work, then this is one use you can put your useless pennies to.