Re:
There is a theory that you should not drop the magnet out without a keeper. I had a keeper, (soft iron ring that fitted inside the magnet) but have taken out the magnet with no problems without one.
Can you feel the magnetic drag as you turn it?
If you dont have a meter try a small torch bulb across the 2 nuts with a bit of wire, you dont need to turn fast if you have a lower voltage bulb.
Keith