He is remembered mainly because he provided a bequest to the Royal Society in London in 1709, which provided the funding for an annual award, the Copley Medal, the Society's premier award for scientific achievement.
Copley was the son of a baronet of the same name, created by King Charles II in 1661, and he succeeded to his father's title in 1684. He was elected a member of the Royal Society in 1691. He served as Member of Parliament for Thirsk from 1695 to 1705, and also served as commissioner of public accounts and controller of the accounts of the army.