"Not Highest Quality"
You can see in the picture a knarled texture on the punch. To extend/protrude the cutting ring you twist the key ring base and the knarled half in opposit directions and the cutting ring extends similar to some twist writing pens. After one day on my keys the center of the punch fell out, it was of plastic material and its purpose is to keep a flush surface inside the cutting ring so that when you retract the cutting ring the tobacco scrap is pushed out and brought to the surface for removal. When it arrived, it seemed loose but I had some faith it was part of the design. Punch still works but the tobacco from the cigar cap that is removed sits in the middle of the cutting ring. Until you punch enough cigars to build up the layers to reach the surface.
D Carson in Los Angeles, CA December 2, 2012