A multiple punch and die assembly adapted to be placed in a punch press having a punch ram for imparting movement to a selected one of a plurality of punches for carrying out a punching or forming operation comprising: a punch assembly having a rotatable punch holder for carrying the plurality of punches mounted for independent movement within the punch holder so as so as to independently engage a workpiece when in an operating position, and the punches having a boss thereon which extends radially from the punch; the punches are positioned to extend upwardly from the punch carrier being slidably mounted in a central vertical bore of the punch holder and having a central bore for a center shaft and vertical bores each to accommodate a punch, wherein the punch carrier is yieldably biased in an upward direction by springs which are mounted between the tool holder and the punch carrier such that upper ends thereof are exposed above an upper end of the punch assembly thereby enabling the punches to be struck selectively by the punch ram of the punch press such that one of a plurality of punches is driven to an operating position when at least one other of the plurality of punches is inactive, the punch and die assembly further comprises a punch-retaining member mounted for manual movement on the punch assembly between a punch-retaining position for holding the punches within the punch assembly to thereby limit the upward movement of the punches to hold them within the punch assembly during operation and a punch-releasing position; wherein the punch retaining member is construed so as to allow for removing the punches out of the punch assembly by hand and without the use of any tool wherein the punch-retaining member comprises: a punch-retaining collar mounted on an upper end of the punch assembly for manual rotation on a punch holder of the punch assembly; a circumferential slot provided in the punch-retaining collar with a screw head extending out through the slot from punch holder to limit rotational movement of the collar; a spring-loaded ball which is forced into one of two pockets when the screw head reaches each end of the slot so as to place the punch-retaining collar in either the all punches-retained position or in the all punches-released position; and the punch retaining collar comprising eight slots between eight circumferentially spaced centrally projecting lugs that when in the locked position engage the top of a boss which extends radially from each punch, thereby limiting the upward movement of the punches so as to hold them within the punch assembly during operation. a punch assembly having a rotatable punch holder for carrying the plurality of punches mounted for independent movement within the punch holder so as so as to independently engage a workpiece when in an operating position, and the punches having a boss thereon which extends radially from the punch; the punches are positioned to extend upwardly from the punch carrier being slidably mounted in a central vertical bore of the punch holder and having a central bore for a center shaft and vertical bores each to accommodate a punch, wherein the punch carrier is yieldably biased in an upward direction by springs which are mounted between the tool holder and the punch carrier such that upper ends thereof are exposed above an upper end of the punch assembly thereby enabling the punches to be struck selectively by the punch ram of the punch press such that one of a plurality of punches is driven to an operating position when at least one other of the plurality of punches is inactive, the punch and die assembly further comprises a punch-retaining member mounted for manual movement on the punch assembly between a punch-retaining position for holding the punches within the punch assembly to thereby limit the upward movement of the punches to hold them within the punch assembly during operation and a punch-releasing position; wherein the punch retaining member is construed so as to allow for removing the punches out of the punch assembly by hand and without the use of any tool wherein the punch-retaining member comprises: a punch-retaining collar mounted on an upper end of the punch assembly for manual rotation on a punch holder of the punch assembly; a circumferential slot provided in the punch-retaining collar with a screw head extending out through the slot from punch holder to limit rotational movement of the collar; a spring-loaded ball which is forced into one of two pockets when the screw head reaches each end of the slot so as to place the punch-retaining collar in either the all punches-retained position or in the all punches-released position; and the punch retaining collar comprising eight slots between eight circumferentially spaced centrally projecting lugs that when in the locked position engage the top of a boss which extends radially from each punch, thereby limiting the upward movement of the punches so as to hold them within the punch assembly during operation.