A coin discriminator measures both the surface and average electrical conductivity of coins in order to distinguish genuine minted coins from fake or bogus coins such as cast coins which may be nominally of the same material as a minted coin. The conductivities are measured using a coil to induce eddy currents within the coin. The high frequency components of the eddy current are monitored to measure the surface conductivity. The low frequency components are measured to monitor the bulk or average conductivity.