Abstract: A punching/embossing tool for sheet materials including at least one matched punch/die set having octagonally shaped magnetically attractable bases and a pressing mechanism including a first and second pivotally connected compression member. Each of the compression members has a punch/die receiving cavity having a retaining magnet having at least four planar magnetic surfaces oriented with respect to each other in a manner to allow four of the eight planar base sidewalls to be placed in sidewise contact with the at least four planar magnetic surfaces of the retaining magnet.