The fundamental magnetic interactions of Pr$_{2}$Fe$_{17}$ are studied by inelastic neutron scattering and anisotropy field measurements. Data analysis confirms the presence of three magnetically inequivalent sites, and reveals an exceptionally large value of the exchange field. The unexpected importance of $J$-mixing effects in the description of the ground-state properties of Pr$_{2}$Fe$_{17}$ is evidenced, and possible applications of related compounds are envisaged.
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