We should not heat, knock or drop a magnet. As a result, the magnet will lose its magnetism and become weak.
When the bar magnets are not in use, they should be kept in pairs, North pole to South pole, with an iron keeper at each end.
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Does a compass work best when close to magnet?
NO. Being near a magnet (or magnetic field) completely puts off the compass as the compass is influenced by it and will not align with the Earth's natural magnetic field.