A chip collector body is provided including a coupled base and elongate member. The base and elongate member have a substantially hollow interior extending from a first end to a second end, so as to form a shell. A collector element is positioned within the hollow interior. The collector element has a magnetic element positioned adjacent the second end and a flange positioned near the first end. The collector element is configured to move between a first position and a second position to selectively demagnetize the chip collector body. An axial biasing member is positioned between the flange of the collector element and a rigid surface. The axial biasing member is configured to bias the collector element into the first position.