john67 nailed it; the machine can run on 1 frequency or all three, but you cannot run it on two frequencies only.
My understanding is that the lowest frequency generally goes deeper and silver hits better, but it is more apt to miss smaller items. The highest frequency generally doesn't go as deep, but smaller items and gold hit better. I believe the conditions of the soil play a big role in those generalities.
While I cannot verify it personally, it is often reported that single frequency machines will go deeper than multiple frequency machines and that the V3i is deepest when set on a single frequency. I've read where relic hunters will set their V3i to a single frequency (seems to be the middle frequency usually) and adjust the filters, sensitivity, and gain to suit the conditions they're in, then swing slow to get amazing depth (some report bullet-sized targets down to 15 inches or better).
I would guess that they're still hitting coins (as well as the relics) with those settings. I do know that my MX5 (frequency 14) hits coins hard (that is my favored target) and will see them down to 12 inches - perhaps a bit more if the conditions are favorable. I have never dug a coin-sized target that is deeper than (roughly) 12 inches with the V3i or the MX5, so I can't know for sure which machine is deeper. I suspect it is likely the V3i, but I can't know for sure.