Digging

It was as if the metal detector went crazy and it wouldn’t stop making the beep sounds. It was throwing massive signals, say, at least 40 cm wide. Peter called up his team to bring the shovels and they all started digging. They all got to the strenuous task of digging and they had now made a pothole that was almost 40 cm wide but they couldn’t find a single more coin. Was the metal detector flawed? Just when everyone was in doubt, Peter got back to digging and soon his shovel made a sharp sound as it had hit an object. Had they found the treasure?