The cache IS at the posted coordinates. However, to log as a find, you must fulfill the challenge requirements. You may sign the log at any time but may not claim a find until you have met the requirements. The difficulty here is for the challenge; the actual hide is a 1.5/1.5.
The challenge is to find 500 caches in two US states. The caches can be of any type except lab caches. The challenge checker below should allow you easily to see whether you qualify.