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There are actually two magnets in the Reader. Upper right, as well as one right by the 0 button. It is opposite polarity to the upper right magnet.
I have the brown leather cover, and it contains two magnets as well. I would have written off the included soft cover as having no magnets, but it does not stick to the reader while upside-down. Maybe it's a very weak flexible magnetic strip like a refrigerator door seal.
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