Your cell phone might be louder than a pair of coins, so in that aspect, it would be a step up. The problem with cellphones as callers, however, is that they aren't very loud, and usually distort pretty bad when you turn the volume up high.
I've called coyotes using iHunt app on iphone and an amplified speaker I got at walmart (runs on 2 AA batteries). Absolutely will not replace an actual E-caller, and for what it's worth, handcalls would be way better and as cheap, but it works.
If you want a great quality squirrel call, look up Bee's O'Brien on Facebook. He makes a few different models, I have a couple, they do great on our reds...