There is disclosed a displacement transducer which comprises a plurality of planar circuit boards, each having a coaxial central aperture. Each of said boards having disposed thereon at least one spiral conductive structure which manifests a predetermined coil. The structure is oriented about the aperture and has a first and second terminal. The boards are positioned in a stacked array with each of said boards separated one from the other and with said central apertures aligned to form a central coaxial cavity. Leads are coupled to the first and second terminals of said boards for connecting certain ones in a primary winding configuration and others in at least two secondary configurations. A magnetic core adapted for insertion into said cavity varies the coupling between the primary and secondary windings according to the depth of insertion of said core within said cavity.