This is the Circuit Board used for controlling each subsystem of the toaster.

The integrated circuit marked 4541 contains an oscillator which oscillates at some hundreds or thousands of oscillations per second, the speed being determined by the browning setting. It also contains a binary counter which can count up to 65,536.

The integrated circuit marked 4066 contains several logic gates which select the count value required for normal, defrost or reheat.

During the count, the logic gates supply a small current to the transistor, causing it to energise the electromagnet. At the end of the selected count, the logic gates switch this current off and the transistor de-energises the electromagnet.

While energised, the electromagnet holds the lever down. When the current is switched off the lever is released and the spring pops the toast up.

Toasters of this age frequently use these "4000-series" integrated circuits as they can run off a wide range of supply voltages. Newer toasters use a microcontroller (essentially a simple micro computer) as this is more flexible in its functions and can also easily drive LEDs to show you what the toaster is doing.