This is how i set mine with a few suggestions for those that are new to the GT. Volume max, disc all the way counter clock wise or at 10 o'clock position. The notch is also all the way counter clock wise so it is off, sensitivity set to the 10 o'clock position, but for a person new to a Sovereign should run auto which also is all the way counter clock wise until it clicks. The one toggle switch for threshold and silent search should be in the threshold position and adjust the threshold control for a slight threshold and at this time you don't want a threshold you can now switch to silent search. The one toggle switch that says trac/ lock/ pinpoint I switch to pinpoint so when you want to pinpoint you just have to switch the toggle that says iron mask off/ iron mask on/ all metal to all metal as that is the only time that other switch is activated. I run mine in iron mask on than switch to all metal when I want to pinpoint as it will be in pinpoint. I find that freq 2 works the best for me and if there is some electrical interference or hunting next to another Sovereign I will switch to freq 1. Now if you have the new meter for the GT it will be a 180 meter, so with it in the setting I mentioned you take a new quarter and swing it across the coil trying to get the tone and number climb as high as you can, the adjust the meter while doing this to 180 max, may go 179-180 but that is OK too. Now the meter is calibrated and you are ready to hunt. Swinging the coil slow and listening to it null and give different tones try to get any positive signals that will repeat both ways and try to get the tone and meter reading again get as high as you can by just going over just that signal. Sometimes it may only be a half inch or so so it will look like you are just wiggling the coil. Now I find if I get a 179-180 while just going over that target it will be a high tone and possibly a copper penny, clad coin or even silver too, but alum cans will also sound this way too, but a bigger signal. Now if you get a 176-177 I would expect a new zinc Penney or a IH penny and even some of the early wheat pennies. If I get it to go to 177-178 I find it is mostly a screw cap. 144-145 will be my nickles with some war nickles reading slightly higher, but still a tone of a nickle and some of the older V and Buffalo's will sound like a nickle, but a 139-140 and smaller sounding as they are deeper and weaker signals.
That is a start and I know you will have many questions as you use it, so ask away on this forum as we have a great group of users that can help you.
Good luck and it take time and patience to get to know this detector, but once you do you will see why so many love their Sovereigns.