Abstract: A tool holder device for drill bits, screw tip bits and like tools permits rapid exchange of the tools. A holder body of the device defines a tool receiving opening in one end thereof for receiving the shank of a tool therein. A spring clip is secured at one end thereof to the holder body and is movable between an operative position wherein the other end of the clip engages and retains a tool received in the opening in the holder body and an inoperative position wherein the clip is out of engagement with that tool so that the tool can be replaced. An axially movable control pin is received in a transverse bore through the holder body and is of a length longer than that bore.