The electromagnets aren't powerful enough to punch the hole. Instead, a powerful electric motor drives a metal "bail", stopping just before the sharp punch. The electromagnet holds an "interposer" tab in between, causing the bail to force the punch through the card. 4/9
The punch mostly worked, but why didn't it punch the first 16 columns of a card? The IBM 1401 computer is a decimal machine, so 10 failing columns would make sense, not 16. And the cables in the punch were in groups of 20. So 16 failures was a mystery. 5/9