and 3 for receiving the side arms 8 of the retaining clip 7 the groove 10 preferably extends around the entire circumference of the stripper plate 6 as the stripper plate 6 may be rotated to different positions i e such that lug 12 may be received within different longitudinal slots 13 inside the punch guide 2 as shown in fig5 and 6 punch guide 2 includes openings 15 for receiving respective side arms 8 of the retaining clip 7 these openings 15 are aligned with groove 10 when the stripper plate 6 is fully inserted into the punch guide 2 punch guide 2 may include slight indentations 23 in the exterior wall near opening 16 which allow retaining clip 7 to be more easily grasped when removed from the punch guide punch guide 2 may also include an opening 16 for receiving protrusion 17 on the retaining clip protrusion 17 when positioned in opening 16 helps to prevent the retaining clip 7 from rotating relative to the punch guide 2 and stripper plate 6 thus when retaining clip 7 is inserted into punch guide 2 the edge 19 of protrusion 17 lies flat against the groove 10 as shown in fig7 a groove 18 as shown in fig6 is also provided in the exterior of the punch guide 2 for receiving bar 9 thus bar 9 lies flat against areas 29 of punch guide 2 as shown in fig7 retaining clip 7 preferably includes a small notch 22 or other means by which the retaining clip 7 may be easily grasped for removal of the retaining ring for example a small wire ring may be located in notch 22 to allow retaining clip 7 to be easily pulled out.