I tried the penny trick a couple of years back and it gave me a squeak free aux belt for about 9 months or so iirc, until one day when sat at the lights there was a bang and the stud that the tensioner assembly sits on snapped!
I then had to try and drill and extract it (which thankfully worked) and fit a new tensioner and stud. I was then squeak free for another 18 months until it became noisy again. In the last 6 months I replaced the belt, so it wasn't that, but I put a very thin washer in behind the tensioner at the very outermost edge and that was
just enough to shut it up.
To Compare the before and after effects, I sprayed some WD40 on the top of the belt until the squeak went away, then looked across from the air filter side of the engine bay until I could see the shine of the belt as it runs over the top of the water pump pulley:
BEFORE: After about 30 seconds the shine on the side of the belt nearest the timing case disappears as the oil dries due to friction, and the squeak starts to come back.
AFTER: With the very thin washer inserted and lube sprayed on the belt it takes about 50 seconds for the lube to (mostly) dry off the belt and it shows on a wide strip of the belt, which tells me that the surface friction of the pulley is less, and the pulley is running a lot truer than before.
Without being able to measure the exact angles of the pulleys it's hard to tell when they're aligned, but the light lube trick seems to work well as long as you can see the shine over the surface of the belt that has just come off the tensioner pulley.
I hope that is helpful, even if a little rambly