I have a 250lb retrieving magnet I purchased at Harbor Freight here in town. I then stopped by Lowes and picked up some liquid rubber in a can that I could fully coat the magnet in (I coated it about 6 times total), as well as the screw-in O ring. I had to make sure it was coated well because I planned on, and ended up using it on salt water around a 1,000 ft fishing pier.
It definitely worked well, and I pulled up all kinds of random things. There were LOTS of fine and gritty iron pieces that stuck to it, and I didn't have much of a problem at all cleaning them off with the coating I put on it. I also found fillet knives, a pair of working pliers, broken parts fishing poles, hooks, and lots & lots of lures! It was fun... but it's kind of a pain on the arms continually pulling it in for more than 45 min's at a time. The other issue is all the people who either stare or "have" to ask if you've found anything. So I kinda prefer going out there when there isn't many people on the pier.
Oh, get yourself a pair of tacky rubber gloves... because that wet rope is merciless on your hands!!
Bran <><