To keep it simple for the new user, I recommend sticking with Park 1 at the defaults if you are just coin shooting and you will also be able to hit the full spectrum of targets like gold jewelery save for very small targets. Overall, Park 1 is optimized for silver and high conductive targets and Park 2 is optimized for small mid-conductive targets like jewelry. The modes are not exclusive, however, optimized just means you have a greater likelihood of finding such targets at depth or in difficult conditions, but either will find a full spectrum of targets from iron to silver and everything in between at typical depths and conditions. All things being equal, I think Park 1 is deeper overall because it is weighted to lower frequencies which penetrate farther into the ground and are optimized for high conductors. If you are focusing on jewelry (e.g., gold rings) but want to pull the occasional silver (but perhaps not quite as deep as Park 1), go for Park 2. Even though Park 1 is deeper overall, Park 2 will tend to give a stronger signal on mid-conductive targets like gold jewelry than Park 1 and will enable separating targets from nearby trash better because of the frequency weighting but also because Park 2 has a slightly higher default recovery speed (which you can adjust as desired). For those of you using a Nox 600, however, the default recovery speed setting is the same for Park 1 and Park 2 because the 600 has less adjustability than the 800 for that parameter.
Note that both modes also use different tone setups - (Park 1 is 5 tones, Park 2 is 50 tones) so you might want to set them up the same way for whichever tone setup you are most comfortable with (for a new Equinox user, I suggest 5 tones and getting experience to ultimately work up to 50 tones unless you are coming from a detector that uses many tones like a Deus or Nokta).
Finally, note that Park 1 uses a high default Iron Bias setting, which can quiet the machine from iron falsing (high tones that can occur off the ends of small iron nails or with large, flat iron) but has the drawback of perhaps masking keeper targets that are near such iron targets. Park 2 does not use Iron Bias.
HTH