I could only format about 1 out of 10 floppies I was pulling out of my collection until I stumbled across this trick that I had to share with the world. I've had a 50% plus success rate fixing disks that I otherwise would have thrown away.
1. You don't need an electromagnet. This should do the trick:
US and World - https://amzn.to/3CNEVmx
2. Check old disks for mold and mildew before putting them in your drive.
3. Don't magnetize stuff that shouldn't be magnetized.
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