Abstract: Magnetic materials which essentially consist of a phase A with a ferromagnetic spin system and a phase B with an anti-ferromagnetic spin system, phases A and B interacting by exchange coupling, and the manufacture of such materials. The materials consist essentially of two-phase magnetic single-domain particles, with the alloy [Co.sub.x Ni.sub.1.sub.-x ] as the ferromagnetic phase A and its oxidized form [(CoO).sub.x (NiO).sub.1.sub.-x ] as the anti-ferromagnetic phase B, with values of x of 0.04 to 0.96. They are manufactured by surface oxidation of a pigment layer, which at least covers the surface but may extend deeper, having the composition of phase A, to form an oxide layer, at least 40 A thick, of the phase B, followed by heating in an inert gas atmosphere, or by reduction of a corresponding layer of phase B to a layer of phase A. Magnetic single-domain particles of this composition have a Neel temperature which varies with X.