Abstract: A drill bit centering device with a substantial intermediate open area between a top locking collar and a bottom centering cone is provided. A drill bit of the centering device is attached in an opening in the top collar and passes through the bottom cone and is surrounded by a spring. The area between the upper and lower members allows for the simple escape of shavings and chips from a drilling operation. The spring serves as the sole connecting member between the sleeves of the collar and cone. The spring, collar, attached bit, and cone rotate as an integral assembly.