A magnetic lock and key system including a magnetic lock that includes: a body, a lock element arranged at least partially within the body and moveable between a locked position and an unlocked position, a cap coupled to the body and defining a dome, and an arc magnet arranged within the body between the cap and the lock element, the arc magnet defining a chamfered edge and moveable between a first position corresponding with the locked position of the lock element and a second position corresponding to the unlocked position of the lock element; and a magnetic key arranged to engage the cap of the magnetic lock and including a key magnet moveable between a first position spaced apart from the dome of the cap, and a second position adjacent the dome of the cap, the key magnet defining a countersink corresponding to chamfered edge.