Also, be warned that OS X fills up floppies with a bunch of invisible crap. I forget how much it's worth, but don't expect to fit a full capacity on it.

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10.4 or later will stupidly put Spotlight data on floppy disks. Add the disk to the list of excluded items for Spotlight and it should erase the data and give you almost the whole 1.4 MB.

If you are working with any old Mac disks (such as old software installs, etc.) I recommend only using them locked or OS X will screw them up with the Spotlight data.