An analysis is made of the shielding effect of eddy currents on the flux in the interior of cores of cylindrical or flat sheet material. It is shown that the counter voltage of self inductance of an iron-cored coil is due only to the component of flux in the core which is in phase with the flux at the surface of the core. Expressions are obtained and curves plotted showing the variations of inductance of a coil with frequency, or with the conductivity and permeability of the core material. Sample calculations and some experimental results are given. The results show that the inductances at high frequencies are actually less than the predicted values, which leads to the suspicion that some factor other than eddy currents causes the flux in the interior of the cores to decrease with increasing frequency.