Lodestone or loadstone refers to naturally magnetized pieces of the mineral magnetite. They're natural magnets. Ancient people first discovered the property of magnetism through lodestone's attraction to iron. Pieces of lodestone, suspended so they could turn, were the first magnetic compasses, Ordinary magnetite, like iron and steel,'s attracted to a magnetic field, but doesn't tend to become magnetized itself. Only magnetite with a particular crystalline structure, lodestone, has the coercivit… (More on Lodestone)