Remove the magneto from the coil housing. This housing is usually a group of coils that surround the round magneto. Either remove the coils that surround the magneto first, or remove only the magneto. Loosen the screws that secure the coils with a socket and ratchet. With an adjustable wrench, remove the bolt that holds the magneto in place and tap the magneto loose with a rubber mallet.
Spray degreaser onto the magneto's outer rim to remove grease and grime. Allow the degreaser to sit for 10 minutes, reapply another coat of degreaser and scrub the magneto with a stiff-bristled brush.
Apply metal cleaner to the magneto and scrub the outer rim with a brass wire brush. Remove rust and corrosion, paying special attention to the crevices and craters on the magneto. Reapply the metal cleaner if rust and corrosion remain after the first application.
Dry off the magneto with a cotton rag or spray it dry with compressed air, paying special attention to the cracks and crevices in the metal.
Clean the magneto magnets with #0000 steel wool. Rub the surface of the magnets with the wool to polish them and remove remaining debris and corrosion from the magneto.
Attach 24-inch magnets to the magneto magnets to recharge the old magnets. Allow the magnets to remain attached for 24 hours, then remove them. Reattach the magneto to the motor shaft and retighten the bolt that holds it in place.