Disclosed are various apparatus and methods for discriminating between fake and reject coins. The term ‘coin’ includes any type of monetary token or token that is associated with a value. Various different apparatus and methods are disclosed. These include a method and apparatus of applying multiple input currents of different frequencies to a coin and monitoring the apparent change in impedance of a coil or coils resulting from eddy currents induced in the layers of the coin from the multiple input currents. Other methods and apparatus relate to applying electromagnetic radiation to the coin and measuring various resulting characteristics including the amount of light fluoresced or reflected from the coin, or the absorption characteristic of the coin. Other methods and apparatus relate to measuring vibration of a coin. Other methods and apparatus relate to identifying genuine and bogus coins via particular identifying characteristics of the coins including magnetic codes/serial numbers.