Discrimination control will eliminate iron and most unwanted items
Maximize depth detection with sensitivity control
Volume proportional to signal strength
Detects coin-size objects up to 5" deep; larger objects up to 3'
2 search modes
That model is a toy, suitable only for a child and not for seriously finding items.
P.S. There are metal detectors made from metal control housing boxes (White's Electronics is one that comes immediately to mind). The important part is if the lower shaft and coil are free from metal.
Cheapest starter detector I'd recommend would be around $200, either a Garrett Ace 250 or a Fisher F2 if you're serious about seeing if it's something you'd like. The nice thing is if you do use it quite a bit, it will pay for itself.
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