- Magnets: Check toys for magnets. Any kinds of magnets in your toys should put the toy high on the dangerous toys list. If the magnets are completely covered and encased within heavy duty material which cannot be chewed or splintered, it's probably alright. If you really want to play it safe, then take away any magnetic toys from your kids.
- Lead: Many dangerous toys have high levels of lead in the surface paint. Lead is dangerous because it is poisonous. I've heard of lead paint level detectors which tell you the amount of lead in paint.
- Small/Loose parts: Most dangerous toys have small parts which can be detached and ingested. Check all toys for loose or small parts which you feel may be dangerous to your kids. Either remove the part from the toy, or take the entire toy away.
- Age Appropriateness: It's dangerous for your kids to play with toys which are meant for older children. This is especially true where infants and toddlers are concerned. It's difficult to keep dangerous toys away from younger siblings. However, you must check if toys are age appropriate for your kids.
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Recalled Toys: It's important to check for toy recalls as we've found out recently. You can visit the Consumer Product Safety Commission CPSC website and check the list of toy recalls from time to time. You can even subscribe to the email service offered by this website and get upto date information about toy recalls.
You may find useful information on current toy recalls on the Toy Recall section here at About.com.
Ultimately, use your judgement and watch for dangerous toys that can find their way to toy bins. From time to time, inspect your kids' toys for any wear and tear which can make them dangerous.

