The Collaborative International Dictionary of English v.0.48:

Magnet \Mag"net\ (m[a^]g"n[e^]t), n. [OE. magnete, OF. magnete,
   L. magnes, -etis, Gr. Magnh^tis li`qos a magnet, metal that
   looked like silver, prop., Magnesian stone, fr. Gr.
   Magnhsi`a, a country in Thessaly. Cf. Magnesia,
   Manganese.]
   1. The loadstone; a species of iron ore (the ferrosoferric or
      magnetic ore, Fe3O4) which has the property of
      attracting iron and some of its ores, and, when freely
      suspended, of pointing to the poles; -- called also
      natural magnet.
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            Dinocrates began to make the arched roof of the
            temple of Arsino["e] all of magnet, or this
            loadstone.                            --Holland.
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            Two magnets, heaven and earth, allure to bliss,
            The larger loadstone that, the nearer this.
                                                  --Dryden.
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   2. (Physics) A bar or mass of steel or iron to which the
      peculiar properties of the loadstone have been imparted;
      -- called, in distinction from the loadstone, an
      artificial magnet.
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   Note: An artificial magnet, produced by the action of an
         electrical current, is called an electro-magnet.
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   Field magnet (Physics & Elec.), a magnet used for producing
      and maintaining a magnetic field; -- used especially of
      the stationary or exciting magnet of a dynamo or
      electromotor in distinction from that of the moving
      portion or armature.
      [1913 Webster] Magnetic