A tool holder (10; 10'), comprising: a body (12; 112) having a clamping mechanism aperture (34; 134) for receiving a clamping mechanism (20, 120); a cutting head (14; 114) having a cutting end portion (38; 138), a tapered end portion (42; 142), and a middle portion (48; 148) located between the cutting end and the tapered end portion; a retention knob (16; 116) located at the tapered end portion of the cutting head, the retention knob including a end portion (52; 152) at least partially disposed within the body, the end portion including an upper clamp surface (51; 151) and a lower clamp surface (53; 153); and the clamping mechanism comprising: an upper clamp (22; 122) having an upper clamp cavity (74; 174) capable of receiving the end portion of the retention knob and defining an upper clamp surface; a lower clamp (24; 124) having a lower clamp cavity (94; 194) capable of receiving the end portion of the retention knob and defining a lower clamp surface; and a double-ended clamp screw (26; 126) for threadingly receiving the upper and lower clamps, wherein rotation of the double-ended clamp screw in a first direction causes the upper and lower clamp surfaces of the upper and lower clamps to move toward each other, characterized in that the clamping mechanism is a ball clamping mechanism (20, 120), the end portion of the retention knob is a generally spherical end portion (52, 152), whose upper and lower clamp surfaces (51, 53) are spherical clamp surfaces, wherein the upper clamp cavity includes a generally spherical upper clamp cavity portion (74a; 174a) and a generally cylindrical upper clamp cavity portion (74b; 174b), a portion of the generally cylindrical upper clamp cavity portion defining the upper clamp surface (76; 176) which is a generally cylindrical clamp surface, wherein the lower clamp cavity includes a generally spherical lower clamp cavity portion (94a, 194a) and a generally cylindrical lower clamp cavity portion (94b, 194b), a portion of the generally cylindrical lower clamp cavity portion defining the lower clamp surface (96, 196) which is a generally cylindrical clamp surface, wherein rotation of the double-ended clamp screw in said first direction causes the generally cylindrical upper and lower clamp surfaces (76, 96) to engage the generally spherical upper and lower spherical clamp surfaces (51, 53) of the retention knob, respectively, and wherein the generally cylindrical upper and lower clamp surfaces (76, 96) elastically deform during engagement with the generally spherical upper and lower clamp surfaces of the retention knob to form a lenticular contact area and securely hold the cutting head in face contact with the body and place the tool holder in a locked position. a body (12; 112) having a clamping mechanism aperture (34; 134) for receiving a clamping mechanism (20, 120); a cutting head (14; 114) having a cutting end portion (38; 138), a tapered end portion (42; 142), and a middle portion (48; 148) located between the cutting end and the tapered end portion; a retention knob (16; 116) located at the tapered end portion of the cutting head, the retention knob including a end portion (52; 152) at least partially disposed within the body, the end portion including an upper clamp surface (51; 151) and a lower clamp surface (53; 153); and an upper clamp (22; 122) having an upper clamp cavity (74; 174) capable of receiving the end portion of the retention knob and defining an upper clamp surface; a lower clamp (24; 124) having a lower clamp cavity (94; 194) capable of receiving the end portion of the retention knob and defining a lower clamp surface; and a double-ended clamp screw (26; 126) for threadingly receiving the upper and lower clamps, wherein rotation of the double-ended clamp screw in a first direction causes the upper and lower clamp surfaces of the upper and lower clamps to move toward each other,