A tool holder (10, 10') includes a body (12, 112), a cutting head (14, 114) having a cutting end portion (38, 138) and a tapered end portion (42, 142), a retention knob (16, 116) located at the tapered end portion of the cutting head, and a ball clamping mechanism (20, 120) received in an aperture (34, 134) of the body. The ball clamping mechanism includes an upper clamp (22, 122), a lower clamp (24, 124), and a double-ended clamp screw threaded (26, 126) onto the upper and lower clamps. Rotation of the clamp screw in a one direction causes the upper clamp and the lower clamp to move toward each other and engage the retention knob to place the tool holder in a locked position, and rotation of the clamp screw in an opposite direction causes the upper clamp and the lower clamp to move away from each other such that the upper and lower clamps no longer engage the retention knob to place the tool holder in a unlocked position.