Here is a simple idea for making magnetic keyer paddle for CW transmission.

In this application, the keyer paddle maintains its normal centre position through megnetic attraction between two pieces of magnets. When ever the paddle is moved from its natural centre position, the stationary magnet pulls the paddle back to its mid position. The amount of pulling force depends upon the distance between the two magnets and can be set as per user's preference.

No springs or flexible strip is used for paddle movement. The movement of the paddle is smooth and it is fun operating this magnetic keyer paddle for CW mode.

A small piece of Flex-board is used for making the paddle & the fixed plate. You may use any other material of your choice , like hard card-board or bakelite sheet or a PCB, etc.

A used discarded ball-bearing is used to provide smooth and with out any play for paddle side ways movement.

The paddle arm is glued to the bearing outer ring with fast setting glue / epoxy. The two magnets are also fixed on the paddle arm and the top fixed plate with fast setting glue.

The centre ( or the earth ) pin is fixed to the paddle arm as shown in the figure. A flexible wire is soldered for taking out the connection.

The DOT & the DASH pins are made from # 16 copper wire soldered on a small PCB with spacing adjusted to suit the individual preference. 

Two spacers are used to create a suitable gap between the two magnets fixed on the top plate and the paddle arm. You can adjust gap to suit your liking.

The performance of the paddle is very good and it may be worth trying out a magnetic keyer paddle as your next project!!