Remember that the depth is based on the best amplitude signal from the coin - parallel to coil and free of mineralization. Lower the returned signal amplitude with mineralization or coin on edge (or damaged coins / corroded) and the depth will be off. Usually, the coin signal has been attenuated (weakened) by iron contamination and is appears deeper on the meter than it actually is.
In your case, you are finding the opposite, the coin is shallower than the meter. Another cause can be swinging high (over grass) and the reading is accurate (meter says 7") but when you find the coin it is at 4" deep (that's 3" of gap over the ground). The meter was correct.
If it reads more shallow, the other cause can be because of non-standard coils and/or sweeping off-center. Sweeping off-center would normally give a weaker return signal (which implies a deeper target), but it can also just give an inaccurate depth reading because of insufficient information.
Try and focus the sweep right over the top of your suspected target (2-3" movement back-n-forth) and watch the meter from there. Wide sweeps that are too fast may average too much volume of dirt and not have sufficient processing time to get a good return signal from the coin. So, the rule for accurate depth reading is go slow, narrow the sweep, turn from different angles, keep the coil parallel to the ground and near to the ground.
Johnnyanglo