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Ghost coin

Hmmm... Are you getting a repeatable sound? Or just random blurbs that hit once and disappear? Are these targets hitting from only one angle or from every angle?
 
Sounds like iron to me. I would pinpoint it to confirm what it is. Most likely after you dig it up you have destroyed the halo around the object, turning it in to a plain old iron signal.
 
Yup rusty iron.
 
A one-way high tone is also indicative of non-ferrous next to ferrous, such as a coin next to a nail. The coin will only respond (high tone) if the nail orientation is parallel (long-axis) to the coil's long axis (N-S) and the coin is swept first and then the nail. This is true for both the E-Trac and CTX-3030.

The difference between a coin next to nail and the eddies on a nail producing a high tone - the coin will be a one-way repeatable high tone and the nail will be intermittent (very dependent on sweep angle). So, if you only get the high tone every 3rd or 4th sweep - it's a nail. If you get the high tone every other sweep (like a nail-coin combo) but when you alter your already narrowed sweep over the target just a bit, changing the attack angle slightly (a few degrees) you find the high tone is gone or more intermittent - then that was a nail mimicking a coin. If the one-way high tone continues (sweeping in a narrow swath directly over the target), it is likely to be a coin especially if it continues with a small sweep angle change. However, change the attack angle by more than 45 degree and the coin next to a nail will likely null.

If you dig the hole and find nothing there - it is a nail. You probably pinpointed in AM over the nail tip. The rest of the nail is off to the side of your hole. Due to the enhancement caused by paramagnetic nails, they can give a strong signal and therefore be deeper than the depth meter registers (which is based on coin-sized objects).

After you dig a few dozen of these bad-boys you get used to their irregular high tone chirps and learn to ignore them.
 
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