Bit holder

A bit holder comprising:

• a body including a first end and a second end, the body defining a longitudinal bore configured to receive a tool bit and an opening in communication with the longitudinal bore;
• a spring disposed on the body;
• a collar disposed on the body and biased toward the first end of the body by the spring, the collar defining a first cavity and a second cavity that is axially offset and separated from the first cavity, the collar movable along the body;
• and
• a retaining member positioned in the opening, the retaining member being selectively received in the second cavity to enable insertion of the tool bit into the longitudinal bore and being selectively received in the first cavity to enable removal of the tool bit from the longitudinal bore.

A bit holder comprising:

• a body including a first end and a second end, the body defining a longitudinal bore configured to receive a tool bit, a first opening in communication with the longitudinal bore, and a second opening spaced apart from the first opening and in communication with the longitudinal bore;
• a first retaining member received in the first opening, the first retaining member configured to selectively retain the tool bit within the longitudinal bore;
• a second retaining member received in the second opening;
• a spring disposed on the body;
• and
• a collar disposed on the body and biased toward the first end of the body by the spring, the collar being movable relative to the body between a first position, in which the tool bit is insertable into the longitudinal bore, a second position different from the first position, in which the tool bit is secured within the longitudinal bore, and a third position different from the first and second positions, in which the tool bit is removable from the longitudinal bore.