I have just started to use a pair of box/tube spanners on my routers. I can only do this with bits of Dia 20mm and 15mm, on my 1/2" and 1/4" plunge routers. Depth of router below table now no problem at all. O.K. even for hand held router operations. The Dia of the bits is restrictive...but.
Seeing all these posts, you've really got me thinking, I have a lot of old box spanners, I'll find one to fit my smaller collet on ,the router 1/4" one, not very likely to be any use with the larger 1/2" one but could certainly make life simpler.
Using straight cutters and other smaller diameter cutters, this is a safe and quick way of loosening and tightening the collet. No danger of chipping the cutter with a spanner. On the 1/2" collet you can safely remove bits up to 20mm dia.
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