Yes.

The statue had been erected in 1766 by the New York General Assembly because of ". . .the innumerable and singular Benefits received from our most gracious sovereign, since the Commencement of his auspicious Reign, during which they have been protected from the fury of a cruel, merciless, and savage Enemy; and lately from the utmost Confusion and Distress, by the Repeal of the Stamp Act: In testimony therefore of their Gratitude, and the Reverence due to his Sacred person and Character: Resolved That this House will make Provision for an Equestrian Statue of His present Majesty, Our Most Gracious Sovereign, to be erected in the City of New York, to perpetuate to the latest posterity, the deep Sense This Colony has, of the eminent and singular Blessings derived from him, during His Most auspicious Reign.”

On July 9, 1776 the Declaration of Independence was read to a gathered crowd. Afterwards, the crwod marched down Broadway to Bowling Green (where the statue was), and pulled it down, in the process decapitating it.

The body of the statue would be sent to Norwalk Connecticut, and from there to Litchfield to the home of Gen. Oliver Wolcott who was responsible for melting it down into bullets. He kept meticulous records of the number of bullets made and who made them.

A total of 42,088 bullets were made, including almost a thousand by the 9 year old son of Oliver Wolcott.

Only with a statue the size of the King George III statue (almost 2 tons), there should have been far more bullets cast, 80,000 or more. Turns out that pieces of the statue had gone missing from Wolcott's home. An arm here, a leg there, and these pieces have popped up through the years.

The head was taken to a different location. Captain John Montressor, a British officer, wrote this:

“The Rebels cut the king’s head off … cut the nose off, dipt the laurels that were wretched round his head, and drove a musket Bullet part of the way through his Head, and otherwise disfigured it … it was carried to Moore’s tavern, adjoining Fort Washington … in order to be fixed on a Spike on the Truck of that Flagstaff as soon as it could be got ready. I immediately sent Corby through the rebel Camp in the beginning of September … to [John] Cox, who kept the Tavern at King’s bridge, to steal it from thence, and to bury it, which was effected, and was dug up on our arrival, I rewarded the men, and sent the Head by the Lady Gage to Lord Townshend in order to convince them at home of the Infamous Disposition of the Ungrateful people of this distressed Country.”

Thomas Hutchinson commented on the head in 1777 when he visited England, but it's whereabouts are currently unknown.

TL,DR: 42,088 bullets were made from a statue of King George III that was in New York City

For more information you can read these two excellent articles:

The Statue of George III in the Journal of the American Revolution

King George's Head in the Connecticut Society of the Sons of the American Revolution