Abstract: A quick change punch reel for a rotary press comprises a transversely split annular main body member having radially extending cylindrical sockets for receiving individual punches, each punch having a head and a base and an outer cylindrical sidewall with a circumferential undercut including a tapered wall extending toward the base of the punch. The sockets are adjacent a planar side face of the main body member and cylindrical bores are formed through the side face in alignment with and intersecting the sockets with the bores having counterbores at the side face. Punch retaining plungers are spring-biased into the bores and counterbores by means of a transversely split cap plate which is secured to the side face of the main body member. Cylindrical punches may be exchanged in the sockets by retracting the plungers against the compressive force of individual springs such that the punches are received within the sockets and retained by spherical heads of the plungers within the undercuts of the punches.