Abstract: A punch/emboss tool is provided that accepts interchangeable insert sets. A punch insert set consists of one punch and one die that cooperate to punch out a particular design in sheet material, such as paper. Similarly, an emboss insert set consists of one emboss die and one emboss die counter that cooperate to emboss a particular design. Once loaded in the tool, one half of the insert set is fixed relative to the tool. The other half is slidably aligned to the first half by a non-circular bore. The sheet material is inserted into a slit in the tool, between the two cooperating inserts. An actuating lever presses on the sliding half of the insert set with some mechanical advantage to the user. When a user presses the actuating lever, the two halves of the aligned insert set cooperate to form a punched or embossed design on the sheet material.