But I don't think it's the metallic composition of the Nickel itself, but rather the corrosion present on the surface of the coin that affects a the Nickel's conductivity. Take a Buffalo Nickel or a V Nickel that have never been buried, and run an air test.
Most of the Buffalo nickels that I've recovered hit Nickel, with the ocassional Foil bounce. I've recovered a couple early Jefferson nickels, one a '39, the other a '41, and both were heavily corroded. Both gave Foil/Nickel bounces. The '39 was in an old road-side park that dates back to the '30's. Once I had it out of the ground, it gave only a Foil hit. The '41 Jefferson was under a pine tree at an old zoo. The turpentine and pine pitch had corroded the nickel so much that the COPPER in the nickel had leached out and turned green on the exterior of the coin.
Five years ago, I went with a couple other friends to a ghost town here in OK. One of my buddies was more of a sifter than a MD'er, as he would clear the brush from an area, dig 6" of dirt out, and sift/detect the dirt by hand. Then he'd dig another 6" of dirt out and repeat. He recovered three Shield Nickels that day. They were heavily corroded and had started to flake away. I did a quickie airtest on one, and it would only hit as Iron. Go figure.
Heck, I've noticed lately that Zinc Pennies that are really eaten up will bounce Square Tab/Zinc, and may only register as Square Tab. Maybe my meter is going on my CZ-5.
HH from Allen in OK