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Yes. In fact, there are two replicas. The original (the 1892 bowl part) is kept in a safe (opened to the public during visiting hours) at the Hockey Hall of Fame in Toronto, Canada. There are two copies of the trophy (with a replica of the original 1892 part and several additions). One is called the 'presentation trophy' and the other the 'replica trophy'. The replica is put on display at the Hall of Fame when the presentation trophy is either in the possession of the Stanley Cup winning team, or at a function or event outside of the hall.
There are technically three versions of the "Stanley Cup": the original 1892 bowl or Dominion Hockey Challenge Cup, the 1963 authenticated "Presentation Cup", and the 1993 "Replica Cup" at the Hall of Fame.
They probably don't because when you win the stanely cup, you usually get your name carved into it. It would really be impossible to make that many stanely cups a year.