Abstract: A magnetic device adapted to be worn on the arm or wrist for holding magnetizable items such as nails and the like. The device includes a contractible bracelet or band of elastic, perspiration-absorbent fabric material having a magnet supported externally on it. The magnet has pole pieces with exposed, coplanar outer faces. A relatively soft collar of rubber-like cushioning material encircles the magnet. The pole faces of the magnet and the interface of the collar are substantially coplanar. A separate magnetizable keeper plate is engageable with the exposed magnet outer faces to maintain the power of the magnet while the device is out of use for extended periods.