A good set of transfer punches are great to have when you need to locate a hole off of a member that already has the holes in it.
But not everyone has a set in their tool inventory so a quick transfer punch can be made out of nearly any piece of metal that is harder than the stock you are marking the hole center. In my case today I needed a punch that was not still in the very old set that I have so I used the shank of a worn out 3/8" diameter boring bar, by chucking it in the lathe, turning it down ot the size of the hole then turning a point then sharpened the point while spinning in the lathe with a stone. The shank was not real hard material, but I only needed 4 punch marks
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