The pre-assembled master compound die is a precision-made die set that works with the compound tooling to provide a complete system for producing flat blanks (such as washers) in a single press stroke. The two-post die set with adjustable guides includes a knockout and a key for irregular shapes. Tool change-over is said to be accomplished in less than 15 min. in a master compound with identical registry without manual alignment. Change-over to different tooling for a different size or shape part can be achieved by removing screws and replacing the tool.