This young woman is seeking her fortune with a metal detector she put together herself, according to plans contained in the September-October 1980 issue of Elementary Electronics (which had recently merged with Science & Electronics, as noted on her shirt). The article mentioned that the biggest downside of the treasure hunting hobby was the amount of money needed for the equipment, which often exceeded the value of the treasure. But this inexpensive circuit, which could run for a year on a single 9 volt battery, was a good tradeoff between economy and sensitivity. The set was able to locate a penny buried 3-5 inches deep.
The circuit included three inductance coils, two of which were balanced to have a net current of zero passing through them. When a piece of metal came within the field, the inductance of one coil changed, causing the circuit to oscillate. The circuit consisted mostly of an integrated circuit audio amplifier which was wired up to oscillate when the inductance was just right.
The article cautioned treasure hunters that practice was the key, and they should see how the instrument reacts to various pieces of treasure given local soil conditions.