Rare-earth magnets are strong permanent magnets made from alloys of rare-earth elements. Developed in the 1970s and 1980s, the most common types are neodymium magnets (NdFeB) and samarium–cobalt magnets (SmCo). They are the strongest type of permanent magnets made, producing significantly stronger magnetic fields than ferrite or alnico magnets, enabling miniaturization and improved performance in many technologies. Note: the term 'rare-earth element' is a historical misnomer. These elements are not exceptionally rare in the Earth's crust. Cerium, the most abundant, is the 25th most abundant element, similar to copper. Even the least abundant stable rare earth, lutetium, is nearly 200 times more common than gold. The 'rare' label arose because they were difficult to separate.