I know this isn't a new idea, but I tried it last night and it worked like a charm! I've been debating buying one of the bikesmith cotter presses for some time, but I've been discouraged by the $59 price +$7 S&H. I've set various alerts for cotter presses, but people rarely seem to sell used cotter presses. In the meantime, I've used Sheldon's method of supporting the crank arm and whacking with a hammer--with less than adequate success, especially when installing a new cotter pin. I've also tried the VAR cotter press at my LBS, which is awesome but even more pricey than the bikesmith tool, if you can even find one.

So, there I was late last night, struggling to knock out a cotter pin with a hammer, and thinking about making plans to go to Harbor Freight this weekend to give Amesja's ingenious idea for modified cotter press a try. Then I said, why not just put this thing in my bench vise? So, I taped an empty socket to the crank arm as a receptacle for the cotter pin, took off the wheels, and put the frame/crank in my bench vise. (The tape was just to hold the socket in place while I lifted the bike.) I added some scrap wood between my workbench and the frame so it wasn't just held by the clamped cotter pin/socket. This also helps support the frame once the pin releases. Then I tightened the vise on the socket/cotter pin, and...voila!...out came the cotter pin. (Alternatively, I suppose you could also remove your vice from your bench, and bring it to your bike.)

I'll still keep an eye out for a VAR cotter press (I'm a sucker for tools as much as vintage bikes) but I'm in no hurry to buy a cotter press now that I know my vice and socket are up to the task.

Thought this tip might be useful to other cheapskates with cottered cranks.