Patent ID: 7204177

Claim:
A magnetic device for attracting and retaining a fastener, said device comprising: a bit having a proximate end adapted for engagement with a fastener; a generally ring-shaped keeper surrounding at least a portion of said proximate end of said bit, said keeper having a bottom surface and a magnetic portion at at least some portion of said bottom surface of said keeper; at least one pair of magnets adjacent to at least some part of said magnetic portion of said bottom surface of said keeper and arranged around said proximate end of said bit such that all magnets arranged around said proximate end of said bit have alternating poles and such that an even number of magnets is arranged around said proximate end of said bit, each pair of magnets having first and second magnets with alternating poles wherein said at least one pair of magnets providing magnetic flux to said keeper and said fastener, and each pair of adjacent magnets providing a closed magnetic flux path through the first magnet of said pair, said keeper, the second magnet of said pair, and said fastener; and a non-magnetic holder at least partially surrounding said bit, said holder securing said keeper and said at least one pair of magnets.