Something with a chip on it that you can take apart. I used an old gameport PCI card for a computer. Or if you have some chips laying around, use those, they will look better. If you're taking them off a board, they'll probably get bend up a bit like mine.
A magnet of some kind, obviously. I used an old bendy Domino's Pizza card magnet. It's not that strong, but it works for thin stuff.
Tape, or some other kind of adhesive.
Pliers, or some other tool you can use to break stuff by bending it. Circuit boards can hard to break, depending on the thickness.
Scissors to cut the tape and card magnet.
Also, be sure to check out CameronSS's version. LINK
Step 1: Get Your Chip!
You only need to break off one or two sides of the board around the chip, then it will become loose. Now (carefully!) break off the chip. BE CAREFUL WITH THE LEGS! They bend and break very easily!