Magnet
Many materials have unpaired electron spins, and the majority of these materials are paramagnetic. When the spins interact with each other in such a way that the spins align spontaneously, the materials are called ferromagnetic (what is often loosely termed as magnetic). Because of the way their regular crystalline atomic structure causes their spins to interact, some metals are ferromagnetic when found in their natural states, as ores. These include iron ore (magnetite or lodestone), cobalt and nickel, as well as the rare earth metals gadolinium and dysprosium (when at a very low temperature). Such naturally occurring ferromagnets were used in the first experiments with magnetism. Technology has since expanded the availability of magnetic materials to include various man-made products, all based, however, on naturally magnetic elements.
Exchange spring magnet
An Exchange Spring Magnet is a magnetic material with high coercivity and high saturation properties derived from the exchange interaction between a hard magnetic material and a soft magnetic material, respectively. Coehoorn et al. were the first able to observe an actual exchange spring magnet. Exchange spring magnets are cheaper than many magnets containing rare earth/transition metals (RE-TM Magnets), as the hard phase of the magnet (which commonly comprises RE-TM material) can be less than 15% of the overall magnet by volume.