When the core is subjected to a changing magnetic field, as it is in devices that use AC current such as transformers, inductors, and AC motors and alternators, some of the power that would ideally be transferred through the device is lost in the core, dissipated as heat and sometimes noise.
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On one radio episode of Dead Ringers, The Doctor (voiced by Jon Culshaw) 'phoned up Dickinson to ask him how much he could get for a Magnetic Core Extractor that was believed to be owned by the Doctor when he was Jon Pertwee.
As late as 1980, PDP-11/45 machines that used drums for swapping (and magnetic core memory) were still in use at many of the original UNIX sites.