Centering Bit
From RISDpedia
This bit is available in several sizes, having several of them in your toolbox is immensely helpful. Often referred to as "vix" bits (the company name) these allow you to drill perfectly into the center of something. You might use this when applying hardware or fixtures (such as a lathe faceplate)where it is crucial to allign the screw-holes with the holes in the hardware. Simply hold the desired hardware onto the surface that will be drilled, the tapered head locates itself into the hole in the hardware - apply pressure, and the bit extends from the sleeve and finds the perfect center of the hole.
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