Craftsman Yankee screwdriver - bit swap?

[mlnnc]

Guys, I have an older Craftsman Yankee screwdriver that belonged to my late father-in-law. It has a slotted head bit that I would like to swap for a Philips, but I can't for the life of me figure out how to remove the bit. The knurled collar is spring loaded, but pulling it back doesn't release the bit. I've decided it wasn't designed to swap bits, but I thought I'd check with you guys before giving up completely. Thanks.

http://s775.photobucket.com/albums/yy32/mln01/Headliner/Craftsman/?action=view&current=Craftsman3.jpg

 

[antichrist]

Wow, that brings back memories! It's been a few years, but I'm pretty sure you just slide back the knurled sleeve. It may need some penetrating oil to free it up from sitting for many years.

Some of my earliest memories are of watching my dad use his and thinking how neat it was. And then of me not being able to keep it in the damn slot of the screw. LOL

Does it have a yellow wooden handle?

Edit:
Well, what do you know, I was right. Some googling and I found this.
http://www.instructables.com/id/Yan...nance/step4/Step-1-Remove-the-bit-and-spring/

 

[mlnnc]

Thanks Tom, that was what I needed. A little WD-40 and a couple of days to soak and voila, the bit came out this morning.

It had some varnish-like substance on it, so I used some Goof Off! to clean it, and some Goof Off! on a Q-Tip to clean down inside the chuck.

I didn't expect it to be gummed up because it looked so clean otherwise and had been stored in a clean environment.

Now to find some new bits that will fit.

The handle is a reddish-colored wood.

 

[antichrist]

I think there were instructions at the link I provided about making your own bits.

 

[bovw]

I'm sure the bits are around, I was issued a yankee drill at work 13 years ago. Pretty sure it's never been used, the cordless drill always worked better...