Apparatus for classifying a ferromagnetic object within a sensing area may include a magnetic field sensor that produces magnetic field data. A signal processing system operatively associated with the magnetic field sensor includes a neural network. The neural network compares the magnetic field data with magnetic field data produced by known ferromagnetic objects to make a probabilistic determination as to the classification of the ferromagnetic object within the sensing area. A user interface operatively associated with the signal processing system produces a user-discernable output indicative of the probabilistic determination of the classification of the ferromagnetic object within a sensing area.