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Several machine collets (top and centre) and a dismantled pin chuck (below). Generally, a collet chuck, [3] considered as a unit, consists of a tapered receiving sleeve (sometimes integral with the machine spindle), the collet proper (usually made of spring steel) which is inserted into the receiving sleeve, and (often) a cap that screws over the collet, clamping it via another taper.
Tools with an R8 taper are inserted directly into the machine's spindle. R8 collets are typically used to hold tooling with round shanks, although any shape can be held if the collet has the corresponding shape cut in it. The collets have a precision bore with axial compression slots for holding cutting tools and are threaded for the drawbar.
Collets are most commonly found on milling machines, lathes, wood routers, precision grinders, and certain handheld power tools such as die grinders and rotary tools. There are many different systems, common examples being the ER, 5C, and R8 systems. Collets can also be obtained to fit Morse or Brown and Sharpe taper sockets.
The section about R8 states: "they are self releasing and tool changes can be automated." I own a bridgeport serties 1 millibng machine with R8 Collets and I have to hammer the drawbar to release the collet. Thats common and I've seen it may time. If the collet or other tool does "self release" - its considered unaccurate/broken.
Machine tapers for tool holding included Morse tapers (on early models) and the R8 taper (a widely used standard that Bridgeport created) on most models. Both Morse and R8 allowed for both collets and solid holders, and a drill chuck could be held by either of the latter. Currently R8 and Erickson #30 Quick Change tool holders are available.
The drawbar pull is an important component that allows the milling machine to keep the tool in place while it’s being used. The force from the drawbar pull supplied to the tool has to be just right because not enough force would cause the tool to wobble leading to inaccuracy, and too much force would apply excessive stress, leading to shorter tool life.