Looks like they used it for a boat anchor

[cradeldorf]

Sad.
Altec Audio Vintage Antique Speaker 604 Heavy Massive Magnet from Cinema Theater | eBay

[bowtie427ss]

Sad.
Altec Audio Vintage Antique Speaker 604 Heavy Massive Magnet from Cinema Theater | eBay

One man's sadness is another's happiness.

Gut that puppy, mask the front plates well, give the whole mess a light media blast, sand any deep pits or irregularities, prime with self leveling primer, paint your favorite hammertone, or my choice would be krinkle, then ship it off to GPA for inspection, remag, and rebuild.

or, pay 900+ for a new one.

[mah]

Faconol! (say it like an Aussie).