i have a friend who does this a little. it's one of many crazy things he does and makes money while avoiding having to actually work for a living. i'm not sure how much he's ever found. i've never done it, but i imagine it would go just like the article. exciting for a few minutes and then a huge waste of time and very frustrating.
i knew of someone someone who did this but he'd only head out to a popular beach at the crack of dawn the morning after a big all-day event.
I did this some as a kid, but never looking for old stuff of value. Pretty much I just went under bleachers at schools looking for loose change that people dropped. Still, pretty boring.
I bought one for my 8 year old, but the only thing we have ever done is use it to find some lost spikes in the back yard when the soccer goals got lose from them. It was REALLY helpful though, those metal spikes were buried....... DD
I have a friend in Memphis who's wife has a beautiful Civil War era wedding ring. Found within 2 miles of his home. There can be wonderful finds playing with detectors. RR
I know this guy named Archie who once found some rich girl's diary on a beach because of its metal clasp. The girl was so pleased to get it back she invited him to her dad's yacht and hand fed him grapes while he lounged on the deck. At the end of the day, the girl's father gave him a hundred bucks. Sounds like a pretty good deal to me.