The threshold will hum constantly until you get over metal. When the hum goes silent (null), you are over metal that you have discriminated out. Metal that you have not discriminated out will make a tone or tones depending on what you are over, and the pitch of those tones will vary depending on the co/fe properties of the target. If you are in trashy ground you will get nearly constant beeping and nulling. Some ground is so trashy it may not be worth detecting.
Just so you know, the threshold going silent is VERY important information. It's a great way to tell you that you are over trash or other metal you have discriminated out, without giving constant, annoying beeps. As you learn your Etrac this "silent" information will become very useful.
Edit, If you are mainly looking for coins, I would use the Bill S trashy park pattern. It's very good at discriminating out most trash.
Also, I think the stock coin pattern that comes on the Etrac is geared for Australian coins. Someone can correct me if I'm wrong but I'm pretty sure you will miss coins such as U.S. silver dollars and maybe more using that pattern.