WHAT'S WRONG WITH THIS TRANSMISSION

   An Original 1965 356C Owner came into the M<aestro's shop recently, for 
both  an Engine AND a Transmission overhaul.
    Although the Owner had put 390,000 miles on the car, and had
rebuilt the  engine Three times before (this was  to be
one Time past the  Charm), the Transmission was still Virginal.

   Though she was having a few internal problems.  Especuially
when the Owner told the Maestro gthat the shop he normally tajkes the
356  to had told him thehy had found something on the magnet, and that
maybe he (the iowner) oughta consisder gettimng the transmission
overthasuiled.

   Question: 1. What did theryh  find on the drain plug magnet?
             2. How many of them?
             3. Did this ruin the Transmission?
             4. Why? Or Why Not?