Cutting head and cutting tool having a replaceable cutting head

A cutting tool comprising:

• a cutting head including a cutting portion and a shank portion, the shank portion having a first end adjacent the cutting portion and a second end , the cutting portion and the shank portion being integrally formed of a uniform material, the cutting portion including a plurality of integrally formed cutting edges, and the shank portion having a first portion having a first end and a second end, the first end of the first portion being closer to the cutting portion than the second end of the first portion, the first portion of the shank portion having a first diameter, the cutting head further comprising a second portion having a second diameter smaller than the first diameter of the first portion, and a cylindrical third portion having a third diameter larger than the second diameter of the second portion and smaller than the first diameter of the first portion, the first portion being closer to the first end of the shank portion than the second and third portions and the third portion being disposed closer to the second end of the shank portion than the first and second portions, the first portion of the shank portion having an exterior surface including at least one axially extending recess extending parallel to a longitudinal axis of the cutting head from an end of the first portion closest to the second portion toward the first end of the shank portion, and a frustoconical transition region disposed between the first and second portions of the shank portion, wherein the at least one axially extending recess extends into and ends on a surface of the first frustoconical transition region;
• and
• a toolholder including a body having a first end and a second end, and an axial opening extending from the first end toward the second end of the body, the axial opening including a first portion having a first diameter at least as large as the first diameter of the first portion of the shank portion, wherein the shank portion has a second portion having a second diameter smaller than the first diameter, and a cylindrical third portion having a third diameter larger than the second diameter and smaller than the first diameter, the first portion of the shank portion being closer to the first end of the shank portion than the second and third portions and the third portion being disposed closer to the second end of the shank portion than the first and second portions of the shank portion, the first portion of the shank portion having an exterior surface including at least one axially extending recess extending from an end of the first portion furthest from the cutting portion toward the first end of the shank portion, the first portion of the axial opening having an interior surface including at least one axially extending recess, at least one ball or axially extending pin being disposed in the at least one axially extending recess of the exterior surface of the first portion of the shank portion and the at least one axially extending recess of the interior surface of the first portion of the axial opening so that the cutting head is non-rotatable relative to the toolholder, and the cutting head being entirely formed of a pressed and sintered cemented carbide material.