Apparently the chains started when he was a bouncer. Sometimes people would lose them, while getting kicked out. He would wear them, so that had to come and ask him politely for them. His collection built when they were either too scared, or too egotistical to ask for them back.

IIRC Mr T stopped wearing his gold chains because he came to feel that they were tone deaf.

The best part about Mr. T's gold necklaces is that he got the idea from working a bouncer. The man became a literal living mannequin, holding onto people's gold chains like some kind of ass-kicking coat check.

it mustve been ferrous material, because gold isnt super magnetic. like steel or iron.