Water for sure. Although you can do well on the paths to the beaches and at the towel line before they drag the beaches with the sand machines. For the most part, the really good stuff will be found in the water.
Water is much tougher to do and depends on where you want to hunt. In Florida you cannot water hunt on the treasure coast due to the agreement with Mel Fisher and Florida.
Hmmmmmmmm........I see multiple answers to the question.
Where do you find the "MOST" stuff.......Dry sand, typically where people lay.
Where do you find the "BEST" stuff........Probably wet sand, low tide, or in the water.
BUT!!!!!
In tourist season I would really challenge that answer as well. I think youll find the best stuff on the beach where people were laying with all of there beach stuff.
You will find a lot more gold in the water then on the towel line. Yes you will jewelry on the towel line, but if you can get in the water that is where I find most of my gold. Cold water causes hands to shrink, sun screen and so on, on top of that add the horsing around....
I find the majority of my stuff ankle to chest deep..Remember that location changes with the tide, people play in the water during all tides, not just low tide. A lot of what I find in wet sand, was under water during high tide.
I still hunt the towel line, and I do find jewelry there, but not like I do in the water. The time when the towel line is the best to hunt is when there is a sudden down pour and everyone grabs their blankets and towels and runs to their cars.
The Goldenolde is one of the best sources for new water hunters to read.
more hunters on the land .any one with their $25 metal detector can find change or gold ring.i witnessed this first hand.radio shack special.found huge class ring.true maybe more in tourist season.but on average the answer to your question would be "WATER".