While some X-Terra users are reporting good results while coin hunting in the Prospecting Mode, much will depend on the sites you are hunting. If you are in an environment with little of what I call "man made modern trash", you might be OK. To me, "man made modern trash" consists of pulltabs, aluminum can slaw and tin scraps. Those will not be "rejected" in the Iron Mask mode as they are not ferrous targets.
The iron mask feature of the X-70 is based on the detectors ability to "block out" ferrous targets. For the iron mask feature in the Prospecting mode, the X-70 utilizes the first 20 segments of what looks to be the same discrimination scale used in the Coin and Treasure mode. The higher number of segments you chose, the more iron you will mask. But don't confuse the notches on the Iron Mask scale to represent the same thing they do in the Coin and Treasure scale. In the Coin and Treasure mode, the first four notch segments represent ferrous targets. The next 24 notch segments represent non-ferrous targets. I consider the Prospecting Mode's Iron Mask scale to be more of an expanded ferrous scale, running from a minimum setting of 0 to a high setting of 20. It really has nothing to do with conductive or non-ferrous properties of the Coin and Treasure Mode scale. The higher your Iron Mask setting in the Prospecting Mode, the more ferrous target rejection you will achieve. Even with a setting of 20, you will still detect conductive (non-ferrous) targets.
A common perception is that ferrous targets are those attracted by a magnet. And, non-ferrous targets are those not attracted by a magnet. While this is true for the most part, a couple exceptions come to mind. Stainless steel is a ferrous metal. But it is not magnetic. And cobalt is a non-ferrous metal that is attracted by a magnet. Other common ferrous metals include items made of iron and/or steel. So, when using the Prospecting Mode with the X-70, Iron Mask will help reject nails, wire used in fences, small steel washers etc. Metals that will not be rejected with Iron Mask include aluminium, tin, copper, zinc, brass, silver, gold, and platinum. So, if you are hunting on a beach or in an area that is not littered with aluminum, tin, etc., Prospecting mode will detect platinum, gold, silver, copper and even zinc coins. And, at the same time, allow you to determine the degree of iron (e.g old nails) you want to mask out.
As far as setting the Prospecting Mode to a level just below a nickel, I'm not sure if you can do that, based on what I know about ferrous and conductive discrimination. I know that nickels register (conductive) 12 on the Coin and Treasure Notch segment scale. Without TID in the Prospecting Mode, there is no way to determine where any non-ferrous targets will register. But I would venture a guess that if a target shows up on the positive side of the meter in the Coin and Treasure Mode, it will not be rejected by the Iron Mask feature of the Prospecting Mode. JMHO HH Randy