Yeah, a penny will work too. I use a quarter. What ever will fit for you will work fine.
Remember, when you true soft jaws to a certain size, the chuck will probably only be at its most accurate at that size. It's that way with any scroll chuck.
You'll find that if you want to use the three jaw scroll chuck for a particular job and need best accuracy, that if you re-cut the jaws for that certain size of work piece it will hold that size the most true. This all depends on how much accuracy you need for a certain job. Often, the chuck will be accurate enough for many sizes of work, depending on what "accurate enough" means to your work at the time.
For instance, if you are going to turn down a piece to a certain diameter, and then bore it and part it off all in the same setup, then it won't matter if the chuck runs out at .003", since after the first cut to turn down the piece, everything else you do on it will be concentric to the first operation, as long as you don't remove it from the chuck.
I have chuck jaws that have probably been re-cut 20 times over the course of many jobs. It's a good idea to get a spare set of jaws for your chuck when you have a few extra bucks. Eventually you will run into a setup that needs you to cut the jaws to a shape that makes them less useful for other jobs.
Dean