Money needles? 1930 detecting devices

[Obscurist]

Found the following newsclipping quite interesting. Any additional info would be appreciated.

 

[wwace]

Yep, like dowsing rods except for metals. Don't ask me if they work because I have no idea. I am sure somebody here will tell you that they do.

 

[Frankn]

I have seen a device used called a Spanish dip needle. It was hung from a thread and I believe It was Magnetised. I would equate it to a vertical compess needle suspended from a thread. It was used on a map. Did it work? I suspect that magnetic pull was the reason that it moved. Since I wasn't involved in the actual hunt, I have no idea!

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[Cool Hand Fluke]

A few years ago at our metal detector club meeting a guy brought in an antique Fisher metal detector. It had vacuum tubes and a wooden coil. The battery was this massive thing that was about 5 inches long. It was produced by Fisher in the 1930's. It resembled some of the machines I've seen from the 1960's. I don't remember if it had a meter. I wonder if the article may be referring to one of the first metal detectors?