131206-1620 EST
Dale:
Suppose the thing where polarity is your concern is a transmitter (signal source), then:
1. Put an autoranging DC VOM in voltage mode across the two terminals. If the voltage reading is 0, then go to step 2. Otherwise you have an energy source in the transmitter, and the voltmeter reading will tell you the polarity.
2. On the assumption the transmitter is passive (no energy source), then connect a 250 ohm 1/2 W resistor to the positive terminal of a 0-10 V DC adjustable power supply.
Set the voltage to 2.5 V and the power supply current limiting to 10 to 25 mA. The maximum current thru the resistor is 10 mA with 2.5 V applied. If I connect a 1N5060 diode forward biased with a nominal rating of 2 A in series with the 2.5 V and 250 ohms the drop across the diode is about 0.6 V. This is a reasonably safe test circuit because at this source voltage current will be less than 10 mA, and voltage does not exceed 2.5 V. Not likely to damage anything in the current loop transmitter.
If your transmitter contains a shunt reverse biased diode for protection, then with one polarity you should see something in the 0.6 V range. A 1N4148, a much smaller diode, has a drop of about 0.75 V with 250 ohms and a 2.5 V source. The other polarity would produce a higher voltage drop because the current controlling circuit requires some moderate voltage drop. Not likely as low as 1 V.
If the voltage drop across the transmitter terminals is much closer to 2.5 V with either polarity, then there is no reverse biased diode for protection. There could be a series diode, but this adds to transmitter voltage drop, and not likely.
If there is clearly reverse protection, then the polarity that does not cause this conduction should be the correct polarity for normal operation.
A transmitter almost certainly will require some minimum voltage across its terminals to provide current control.
If you have the correct polarity, then you can raise the power supply voltage and monitor the voltage (therefore current) across the 250 ohm resistor as you adjust the source signal and see the current loop current change. The source voltage in the loop has to be high enough to make it possible for the transmitter to control up to 20 mA.
10 V applied to a 250 ohm resistor will cause 0.4 W dissipation in the resistor.
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