The Age of Magic refers to the early period of History when Magic worked.
The Cubes of Foundation are small white cubes, used when the foundations of the world were laid down, representing the elemental powers and forces. The cubes were merged with the forces in a mysterious and when the making was done, they were hidden away so that their powers could not be tampered with.
In 966 GUE, During the final Conclave of Enchanters in Borphee the evil Shadow of the Head of the Circle of Enchanters gained access to several of these cubes. Almost immediately he was able to affect great changes in the workings of magic. In order to seize control of the universe, he was able to trick the Head of the Circle to unknowingly gather these cubes from all corners of the known world, and beyond.
This shadow-being then attempted to meld all of the cubes into one, in order to give him power over the forces of the universe.
The Head of the Circle was able to prevent the Shadow, but he was unable to prevent the alteration of the cubes. This destroyed the fabric of magic, bringing thus an end to the Age of Magic.
FrobozzCo International made a killing in the fall of 966 GUE by issuing a Special Crisis Edition of their Magic Catalog to convince people that even at a time when magic was failing, FrobozzCo wouldn't fail them. In this catalog they proclaimed the official FrobozzCo business philosophy: "Sell good magical aids at a reasonable profit, treat your customers like super enchanters, and they'll always come back for more."
For years the Coconut had been in the possession of a group of Implementors on the Ethereal Planes of Atrii until it was stolen by an Ur-Grue. An obscure peasant was sent to recover the Coconut which was then used to store the sum of all human knowledge from the Age of Magic and with the help of the Coconut, the Age of Magic would never be forgotten.
It is believed that the shell of the Coconut is impervious to the passage of time, and thus the knowledge of Magic will survive the Age of Science, and be rediscovered by generations in the distant future.