Abstract: A pair of removable jaws interchangeable between internal and external retaining ring tools, each of the tools including a tool body having a pair of handles pivotally connected together, with bores or openings in the ends of the handles for receipt of stepped cylindrical extensions on the jaws. Preferably, the jaws are made of premium steel, whereas the tool bodies may be either forged using a lesser quality steel or made of even less expensive standard thin wall tubing. Tolerance rings frictionally retain the cylindrical extensions in the bores. The jaws and tool bodies have suitable indicia to index (orient) the jaws relative to the tool handles for both internal and external use.