Detection of a change in wall thickness of pipelines is extremely important to avoid unwanted leakages and failures. In this work a new method called transient eddy current oscillations (TECO) has been proposed and used to detect the thickness of stainless specimen. This method uses a decay of oscillations generated through by cyclic exchange of energy between a capacitor and an induction coil (excitation). The resultant probe response is detected by using a Hall sensor which is placed inside the excitation coil. The results were analyzed in frequency domain by calculating the power spectral density (PSD) of probe response. The peak amplitude of PSD is decreased and the peak at frequency is increased with increasing sample thickness.