A sacrificial metal coupon is provided with one or more ultrasonic transducers which, when excited by a pulser-receiver excitation pulse, determines the thickness of the coupon and its rate of change over time. The sacrificial metal coupon ultrasonic transducer assembly can be inserted into the liquid stream of a pipe, under or inside of a tank, underground or underwater, or inserted into structures where absolute material loss values or material loss rate of change is being monitored.