Passing a magnetic monopole through a coil of wire induces a net current in the coil. This is not the case for a magnetic dipole or higher order magnetic pole, for which the net induced current is zero, and hence the effect can be used as an unambiguous test for the presence of magnetic monopoles. In a wire with finite resistance, the induced current quickly dissipates its energy as heat, but in a superconducting loop the induced current is long-lived. By using a highly sensitive "superconducting quantum interference device" (SQUID) one can, in principle, detect even a single magnetic monopole.