I'm new to the V3 as well but have hit a silver(dime) at 7 inches loud and clear in a near by park. I've hit some wheat's at 7-8. I've hit a old time screw in fuse at about 11 inches. the fuse has an outer covering of copper and was showing as a good dig. When I first started out with the V3 I was having the same problem you were(can't find the target) and got ticked off to the point I just kept digging. To my surprise I ended up with some very deep nails, screws and the fuse. I was relieved, and started to understand how deep the V could see stuff. Detecting a quarter at 4.5 inches max is wacked. I would send it in as well.
I would like to add one other possibility to the list of a empty hole. This is for the benefit of those who are digging a normal hole and keep digging and digging. you may be chasing a target on edge. This happened to me the other day, once it clicked I started searching for a duplicate signature and found it about 4 inches away from my first hole. I dug in the center between the hole and the new duplicate target and found the dime.
I would like to add one other possibility to the list of a empty hole. This is for the benefit of those who are digging a normal hole and keep digging and digging. you may be chasing a target on edge. This happened to me the other day, once it clicked I started searching for a duplicate signature and found it about 4 inches away from my first hole. I dug in the center between the hole and the new duplicate target and found the dime.