To answer you first question: Both.
This time of year, in my areas, most bucks haven't yet shed their antlers, and I'm mainly finding "old" sheds from last year. Last week I found 7 sheds, and none of them were fresh. All were found in heavy cover.
What I think is happening, year to year, is this:
Most of the bucks are shedding their antlers in March, many in late March and into early April. By the time they're shedding, Spring "green-up" is really under way, and fast-growing briars and honeysuckle quickly hide the freshly shed antlers.
IMO, MOST are shed in bedding areas and/or where they're feeding on honeysuckle or in that thicker cover. Once the antlers are "almost" ready to just fall off, they can hang them in some honeysuckle or briars, and there they fall, often being suspended off the ground initially. Last year I found a great matching pair, both within 10 feet of each other, and one was about 4 feet high hanging in some honeysuckle.
But back to now, this time of year and earlier, spend lots of time wading thru briars and the kinds of places you might be trying to kick up a rabbit. Mainly do this from mid-morning to mid-afternoon when the sun allows you to more clearly see the ground. You may be surprised at how many old sheds you stumble across.
Most days when I go looking, I don't find any either. IMO, the main reason most of us find so few fresh ones in February is because most are still wearing them on their heads, and most of us tend to lose our enthusiasm for looking about the time most bucks shed their antlers. And at about that same time, Spring green-up can quickly hide any fresh sheds.
