According to R.H. :
Aha! The link to a site selling old magnetos shows every one illustrated with the crank at the gear end as I thought -- not at the end where the square is for a slip-on crank as shown in your puzzle one.
O.K. I doubt electrical boxes specifically -- but anything made of iron or steel which is large enough to pick up a field from the Earth's field. And it would particularly point to discontinuities. (Hmm ... it might be for finding the cast-iron cylindrical housings put around buried water meters or water (or gas) valves at the entrance to a property.
O.K. The function was right -- just not the field of application.
Enjoy, DoN.