It's best to dig every target that you can for several reasons. I have a 115 year old house located next to an abandoned iron mine, there are targets, on top of targets, on top of targets and the ground is highly mineralized. What I have learned is there are many factors that can affect my machines readings, depth, position, condition, relation to other targets and ground mineralization all have an effect.
In front of my house is a brick sidewalk buried under a few inches of dirt. A penny was wedged in between two bricks and had a very strong signal but not that of a penny. The readings were all over the place and my machine couldn't decide what I was about to unearth, it did however give a nice consistent solid tone confirming something was buried there. Anything that affects the conductivity can affect the readings. When there are several targets under the coil, at different depths or side by side I will get mixed or inconclusive readouts but I still get a nice solid tone.
In cleaner areas with low mineralization my machine sounds dead on, even when it's a pull tab 10" down, yeah I might hope it's a ring but White's already knows it isn't lol!

There are exceptions, anything that is similar in conductivity and composition can be identified incorrectly.
Those old pennies are worth almost 2¢ for the copper content, $0.0192262 is the melt value for the 1909-1982 copper cent on December 19, 2014.
But some are worth far more to collectors
1909 - 1982 Copper Lincoln Cent Value - Coinflation
The Composition of the Cent.
The United States Mint · About The Mint
Following is a brief chronology of the metal composition of the cent coin (penny):
• The composition was pure copper from 1793 to 1837.
• From 1837 to 1857, the cent was made of bronze (95 percent copper, and five percent tin and zinc).
• From 1857, the cent was 88 percent copper and 12 percent nickel, giving the coin a whitish appearance.
• The cent was again bronze (95 percent copper, and five percent tin and zinc) from 1864 to 1962.
(Note: In 1943, the coin's composition was changed to zinc-coated steel. This change was only for the year 1943 and was due to the critical use of copper for the war effort. However, a limited number of copper pennies were minted that year. You can read more about the rare, collectible 1943 copper penny in "What's So Special about the 1943 Copper Penny.")
• In 1962, the cent's tin content, which was quite small, was removed. That made the metal composition of the cent 95 percent copper and 5 percent zinc.
• The alloy remained 95 percent copper and 5 percent zinc until 1982, when the composition was changed to 97.5 percent zinc and 2.5 percent copper (copper-plated zinc). Cents of both compositions appeared in that year.