Cody and all,
I have been using an Explorer since it first came out in January of 2000 and have been using a Sovereign since February of 1993. Most of the coins I and my wife have found have been in areas where the threshhold was nulled as many of the areas we have hunted have been in either heavily mineralized areas which will cause a null or heavy iron infested areas, or both. This has also been while using many sizes of coils, but with many old silver, nickel and copper coins being found in the above conditions using a 12" coil.
The rule of thumb is that you will find coins in a null, but not ALL of them. There are so many variables involved in hunting situations that different sizes and types of coils, detector settings, ferrous and non-ferrous trash situations, etc. will allow you to either detect or miss desirable targets. You can change a coil size or type, change one or more settings, change directions and sweep speeds and find desirable targets in the same areas previously hunted that you previously missed. Also, ground moisture plays a big part in the above conditions, especially in iron areas, as those "auras" are enhanced in wet conditions creating either a larger masked area or, as in the case of rusty bottle caps, can cause them to change ID and come in more like non-ferrous coins and targets.
The best way we have found to continue to eck out a few more desirable targets, is to keep going back to those old productive areas with different size/types of coils, detector settings, sweep speeds and sweep directions, etc. Also, going back after a rain as well as in dry conditions.
As to iron nails sounding like silver coins in conductive sounds, that can happen some times. But normally if you have your "Variability" setting maxed out at 10 the iron nail will have a higher squeaky pitch than a silver quarter (which is the highest coin pitch in conductivity on the Explorer). In digital it will usually read a 31 on the conductivity side. In Smartfind the little cross-hair window will only show the bottom two squares with the top two buried in the top of the screen. So there is "usually" a difference, but there are always exceptions.
We have also found that it is very helpful to have the threshhold barely audible to alert us to changing conditions, whether it be heavy ground mineral or iron trash, so we can not only find potential hot spots, but also change coils, or settings in certain areas, to go back over more carefully. In our opinion, the null is a valuable form of discrimination and you can learn from it so you know what strategy to use in hunting certain areas.
I just thought I would jump in here with some in-field observations that Elaine (12 year Sovereign veteran) and I have made in hopes of adding information to this thread. I hope the above helps.
Ralph (Sun Ray)