Abstract: A punch assembly is provided wherein individual punches may be quickly released and extracted from a punch ring by depressing an elongated retainer member positioned adjacent and transverse to each of the punches. The retainer member has walls defining a concave groove, and the retainer walls are selectively engageable with complemental, groove-defining walls of each punch. A spring normally biases the retainer member to a position where the retainer walls tightly engage the punch walls and thereby retain the punch within a bore of the punch ring. When the punch must be removed from the ring for repair or replacement, the retainer can be depressed against the bias of the spring and shifted to a position wherein the groove-defining retainer walls disengage the groove-defining punch walls, thereby enabling the release of the punch from the punch ring.