A magnetic lock has a barrel and keyway, the barrel when rotated unlocking the lock. Locking element cavities each contain a moveable locking element such as a ball, movable in response to a magnetic field applied by a magnetic key. A locking bar is movable between a locked position and an unlocked position. The locking bar has coded projections which extend into the respective locking element cavities when the locking bar moves from the locked position to the unlocked position. A code plate is shaped in registration with the coded projections. When the locking bar is in the locked position the code plate and the coded projections form a substantially uninterrupted surface. The locking elements prevent movement of the locking bar from the locked position to the unlocked position except when magnetically moved to a coded position.