Today I was wandering the aisles at my local Value Village (a thrift store) and discovered an electromagnet about the size of a softball. It's very well made, looks to be 1950s or '60s technology, plugs into 117V, has a nice pushbutton. I paid the 99 cents, brought it home, put it in a plastic grocery bag, held it over my lathe's chip tray, and pushed the button and was rewarded with a gratifying "beard" of steel chips. I moved it over the wastebasket and let go and the chips fell like dead men into the trash. Cool!
I've seen plans for these in HSM, but they seemed way too involved for what you get. A quick search on ebay shows that there are lots of old "bulk erasers" out there from the mag tape days.
Not for 99 cents though! :-)
GWE