A magnetic wear saving device including a resilient member and a magnetic member for protecting a wear surface on a material handling device. The magnetic wear saving device further including a release means provided within a bore formed through and along the central axes of the resilient member and the magnetic member for removing the magnetic wear saving device from the wear surface of the material handling device. There may be a single shear plate with several recesses for the magnetic wear saving devices, or the wear surface of the equipment itself may be integrally formed with recesses for the magnetic wear saving devices.