Coin acceptors are normally designed to reject the wrong coin types, as well as foreign objects resembling coins. If that is not going to be a problem, then there is no reason why a photo interrupter couldn't be used. You will just have to figure out the interface, and put the necessary electronics between the photo interrupter and the motherboard. I would have thought the photo interrupter would have worked on 12V, does it have the resistors built in,
cheers,
Richard