A neodymium magnet (neo-magnet) contains neodymium, iron and boron amongst a few other elements. It is the strongest type of magnet commercially available.
Neodymium iron boron magnets (NdFeB) became available to the public in 1984 after being developed a few years earlier.
Advantages of neodymium magnets
They are the strongest permanent magnet available. Even small neodymium magnets have a large amount of magnetic force and are capable of lifting more than 1000 times their own weight.
They have a high resistance to demagnetization.
Even smaller neo-magnets have a high energy.
They are very low priced.
Disadvantages of neodymium magnets
Neodymium magnets are very corrosive and have to be handled carefully. To aid this they are coated, for maximum efficiency.
What are neodymium magnets coated with?
Neodymium magnets are coated to protect them from corrosion, as they are 75% iron based. The standard coating for neodymium magnets is nickel-copper-nickel, although many other coatings are available.
The coating will protect the magnet from various forms of moisture, however if the coating is scratched or broken it will no longer protect the magnet.