The identification of hidden conducting permeable objects from measurements of the perturbed magnetic field taken over a range of low frequencies is important in metal detection. Applications include identifying threat items in security screening at transport hubs, location of unexploded ordnance, and antipersonnel landmines in areas of former conflict, searching for items of archeological significance and recycling of valuable metals. The solution of the inverse problem, or more generally locating and classifying objects, has attracted considerable attention recently using polarizability tensors. The magnetic polarizability tensor (MPT) provides a characterization of a conducting permeable object using a small number of coefficients, has an explicit formula for the calculation of their coefficients, and a well understood frequency behavior, which we call its spectral signature. However, to compute such signatures, and build a library of them for object classification, requires the repeated solution of a transmission problem, which is typically accomplished approximately using a finite element discretization. To reduce the computational cost, we propose an efficient reduced order model (ROM) that further reduces the problem using a proper orthogonal decomposition for the rapid computation of MPT spectral signatures. Our ROM benefits from a posteriori error estimates of the accuracy of the predicted MPT coefficients with respect to those obtained with finite element solutions. These estimates can be computed cheaply during the online stage of the ROM allowing the ROM prediction to be certified. To further increase the efficiency of the computation of the MPT spectral signature, we provide scaling results, which enable an immediate calculation of the signature under changes in the object size or conductivity. We illustrate our approach by application to a range of homogenous and inhomogeneous conducting permeable objects.