That is a very good question, isn't it?
Metal detectors read the electrical conductivity of targets, plus size, thickness, and another very interesting things too, that being that oxidized conductors will not conduct electricity as well as clean metals. However, that doesn't explain why some pennies read lower or high in the air just like they do in the ground, but they do. If a field is disturbed (because of corrosion) the path is no longer "balanced" as in two-way signals in this case and that can be read as interference, even with RF, FM, AM, pulse, and static electricity.
I have noticed that some pennies are a bit thicker than other pennies too, and sometimes by quite a bit. Maybe they are just plain worn thin too, but I wouldn't think it would be enough to change any reading much, at least not by itself.
BTW, "rose gold" is gold with copper mixed into the gold (smelted together), and that's why it apears pink. I found a rose gold signature ring once with no initials on it yet. It was .75 gold (24 Kt), and I finally sold the thing because too many people were interested in getting it from me. It weighed more than 3/4 of an ounce and I got some really good money for it, in fact, the same price of pure gold at 3/4 ounce.
It must be that the combination of thickness combined with the good or bad conductivity of the copper that makes the difference in it's conductivity read by a metal detector. Nothing else really makes much sense.