Ok if you are getting 500 on your meter you must have the older style 550 Minelab meter as they went to the 180 meter for the GT and I think the Elite. Another thing calibrating these meters are done in disc as in all metal setting it probably will read up to 495 or so.
Now while we set it to 180 on a smaller coin it is for reference so we can learn where or coins come in. Like I say try to keep it as close as possible to the 180 numbers 179-180 seems to be the copper and clad and silver coins, but from experience a mostly 180 number and not changing much and more solid that seems to be the Quarters and bigger coin, plus those old almm beer cans, but by lifting the coil you notice it takes a while for it to read lower as it is too big, this help me in areas with a lot of old beer cans. now if it is deep I always like the weaker 180 number and even close to the 180, but never goes higher. With me and the 180 meter for nickels it is 143-144, but some war nickels will read a little higher and it tones is a nickel, but the number my meter read the round pull tabs 148-151 and those if sounds like a nickel and those are the war nickels or even a gold ring. Now I found a t 176-177 are screw caps or those fricken new zinc pennies, but also some of the older wheat pennies and IH will also read there, but if deep always dig them as chance are IH or older wheat pennies. Now I know if I get higher number is when I double check my calibration in case it been bumped or heat raised it a bit. With the 550 meter especially the older Sovereigns the number seem to overlap too much .
You probably go a lot by the tone of the Sovereigns and only go by the meter to cross reference, so in this case the meter may lot ID correctly and the tone are different than normally for that number as those I love to dig. The reason for me is at a site where the bleacher were taken out of a old ballfield I let all the local go though it before I did as pullabs were bad and I figured they got the newer trash and surface out of the way. Then I tried it as I knew what pullabs read like and any questionable signals I dug. Got a nice nickel tone, meter showed tail off the old pull tab (140-141), but sound smoother like nickel than a beaver tail and sound deeper too, so got to dig that one and it was a very old gold ring I am sure many walked over it before.
Rick