A lodestone or loadstone is a naturally magnetized piece of the mineral magnetite. They are naturally occurring magnets, and attract pieces of iron. Ancient people first discovered the property of magnetism in lodestone. Pieces of lodestone, suspended so they could turn, were the first magnetic compasses, and their importance to early navigation is indicated by the name lodestone, which in Middle English means 'course stone' or 'leading stone'. Lodestone is one of only two minerals that's found… (More on Lodestone)