The Metal Detector has two appearances in the Episodes: Selling Out and Penny Foolish. It is always used by Mr. Krabs.
In the Episode Selling Out, Mr. Krabs uses it too find Money, but then spots the Krabby O Mondays and starts to work there.
In the Episode Penny Foolish he searches for the Penny that SpongeBob has, but it turns out that it was a $500 Bill.
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