When sharpening a router bit or removing its bearing, I used to grip the shank with locking pliers to hold it tightly.

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When sharpening a router bit or removing its bearing, I used to grip the shank with locking pliers to hold it tightly. But this scrapwood fixture does that without damaging the shank.

To make one, drill a center hole (either 14 " or 12 " depending upon the bit shank's diameter) through a scrap of 2x4 stock. Drill two bolt holes through the scrap's width, and then rip the scrap through the center hole. Bolt the two halves back together loosely, insert your router bit into the center hole, and tighten the wing nuts. Clamp the holder to your benchtop and you're set.
—Joe Wernicke, Indianapolis