Magnetic Ink

Is MICR E13b (ink and font type) the best route to go upon printing money orders for it to pass through a bank, etc?

Has anyone ever attempted to make magnetic ink with xerox powder and grinding ceramic neodymium magnets into powder form? Perhaps mixing a ratio that would enable it to pass through monetary systems of some sorts?

From what I know, once magnets gets impacted hard or even shaven off, it loses the "magnetic" aspect of it.