A handheld device for collecting, retaining, and discarding small metallic debris located on a desk surface. The body of the device includes two main components: A reservoir for collecting metallic debris and a hollow magnet housing that contains a permanent magnet and a raising mechanism. The magnet is placed inside the magnet housing and is capable of being raised and lowered. When the magnet is in its low position, its magnetic field extends beyond the reservoir thus attracting metallic debris to the top surface of the reservoir. To discard the collected metallic debris, the magnet is raised via the raising mechanism to a position in which the metallic debris is no longer within the magnetic field. Several mechanical raising mechanisms are disclosed.