A permanent magnet is fabricated such that it has a magnetically hard core surrounded by a thin magnetically soft shell. The magnetically hard core provides a relatively high intrinsic coercivity (Hci), and the magnetically soft shell provides a relatively high magnetic flux density (B). Due to magnetic exchange coupling between the core and shell, a relatively high maximum energy product (BH)max is achievable over a wide temperature range, including temperatures above 150° C. Further, such effects can be achieved without using rare-earth metals or precious metals helping to keep the manufacturing costs of the magnet low. To allow sufficient exchange magnetic coupling between the core and shell, the width of the shell is less than about 40 nanometers, and the overall dimensions are controlled such that the width of the shell is less than two times the Bloch domain wall thickness of the core.