A magnet is a piece of iron or steel that creates a magnetic field which attracts nickel, iron and cobalt. Farriers use the magnet for different purposes. Some put a bar magnet into their hammer handle so they can easily pick up nails. Most farriers have a pot magnet to put on the side of their toolbox, so they can put their tools aside when they need to switch quickly between tools. Another alternative is to wear a magnetic wristband to attach the nails on for easy access.