I'm gonna offer a different explanation. Suppose that the TX pulse width is wide enough that the coil current has flat-topped and target reverse eddies have decayed to zero. The TX current then steps to zero, and this step induces a step EMF in the target. The induced EMF is the same regardless of the target (EMF = -dPHI/dt). The EMF produces an eddy current i = EMF/Z (where Z is the "impedance" of the target, which is a combination of metal conductivity, skin depth, and size/shape) and the eddy current produces the reverse magnetic field sensed by the coil as another EMF (the voltage you see with the scope).
Nickels have a higher "impedance" than quarters so you would expect the initial eddy current to be lower, and thus the initial reverse field to be lower. But all this assumes a starting eddy current of zero at the TX step. If the TX pulse is not wide enough, then targets will have a reverse eddy current flowing at the TX turn-off step and this directly subtracts from the t=0+ forward eddy. High tau targets require a much wider TX pulse to kill the reverse eddies so for a given TX pulse width you should see a progressively lower starting RX voltage for progressively higher taus.
A way to test for this is to widen the TX pulse and see if the higher conductors start increasing. Eventually they should surpass the nickel.
Nickels have a higher "impedance" than quarters so you would expect the initial eddy current to be lower, and thus the initial reverse field to be lower. But all this assumes a starting eddy current of zero at the TX step. If the TX pulse is not wide enough, then targets will have a reverse eddy current flowing at the TX turn-off step and this directly subtracts from the t=0+ forward eddy. High tau targets require a much wider TX pulse to kill the reverse eddies so for a given TX pulse width you should see a progressively lower starting RX voltage for progressively higher taus.
A way to test for this is to widen the TX pulse and see if the higher conductors start increasing. Eventually they should surpass the nickel.
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