@heavanet- I have a friend who teaches the third grade, and she had her class make magnets for a science project. The kids got to learn how magnets worked while using science-based photos from old magazines and books to make their own magnets. She said that her class really enjoyed the project.
All my friend did was give her students sheets of magnets and told them cut photos out of magazines and books to glue to pieces of the magnets. The project was also very inexpensive because the only supplies she had to buy were the magnet sheets and glue.