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Unfortunately, I don't feel up to doing the back of the envelope calculations, but based on my life experience of how a neat, flat pile of stuff like coins and bottlecaps contains far more objects than you'd expect (I think we don't really grok the "square rule" very much as a species) I'd say there's a decent chance this was actually a social project, with a bunch of people saving caps for the one guy who was doing this, even if the destination was a kind of solitary place.
Or, maybe he had access to caps from a job? So not as social, but I don't think all those caps were the result of the consumption of one person alone.
The arts/crafts distinction is trickier in my mind than the art/pure crap one. Chop up the shed, put the panels on a wall in a museum, I'd definately call it art.
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