We have a Lassco Spinnit LBM-2.1 paper drill for sale. This is a tabletop machine which operates similarly to the Challenge paper drills and in fact uses the same drill bits.
The bit is a sharpened hollow tube which is spun by a motor as it is driven through the stack of paper. The cutouts push up through the hollow drill and come out a chute at the back where they can be collected for disposal. The drill plugs into a regular 3-prong wall outlet.
This machine is in excellent condition and comes with two bits (9/32” and 5/16”), the original instructions spiral-bound with all pages laminated, a new cutting stick, and a non-original bit removal tool. The table slides from side to side to drill multiple holes and there is a template to put holes at specific positions. The template included with the drill produces 3 holes 4.5” apart, the pattern for standard 3-ring binders. Parts that would have come with the drill when new but which are now missing include 3 other hole spacing templates, a bag to catch the chaff, a bit cleaning tool, a bit lubricant stick, and a couple of Allen wrenches.
The bits could probably stand some sharpening; combined bit cleaning tool/sharpeners are sometimes available from Don Black Linecasting for about $75.
These drills are still available new for about US$1300. We are offering this one for $500 plus delivery and taxes.