Magnetic attachment element

A magnetic attachment element for use in connection with a peg board having a plurality of peg board orifices extending through a peg board body, the magnetic attachment element comprising:

• an attachment element body comprising:
• a base substrate having an inner base substrate area;
• at least one magnet positioned within the inner base substrate area such that the at least one magnet is embedded within the base substrate, the at least one magnet is in operational communication with the base substrate and is configured to generate a magnetic force therefrom for removably attaching a metallic object directly or indirectly to a cover element having a rim portion and positioned substantially adjacent the at least one magnet, wherein the rim portion of the cover element is at least partially embedded within the inner base substrate area;
• and
• at least one connector portion in operational communication with the attachment element body and removably attaching the attachment element body to the peg board by engaging the at least one connector portion to at least one of the plurality of peg board orifices.