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Jim, mine were epoxy coated from the company. Then I coated it 4 coats of dip. They were well sealed. Water finds a way. My recommendation would be to remove these magnets. Don't forget they also contain copper.
Well I though I'd update this. I removed some of the magnets today that have been in the water for quite some time. And found this after removing the plasti dip coating
The water still found a way to the inside. There was no rust showing on the outside. Only noticed it after removing the...