An air-driven feeder tool (10, 10') is provided for presenting swagable collars (28) one at a time for placement on the shanks of lockbolts (16) and thereby made ready for the application of a swaging tool (30). The swaging tool (30) breaks off a pintail (63a, 63b) from the lockbolt (16) and a vacuum system draws the broken-off pintails (63a, 63b) through a vacuum device (66) and into a receptacle (70) for safe disposal. The feeder mechanism comprises a magazine (32) holding a supply of side-by-side collars (28), a presentation piece (34, 34') holding a short working collars and a worker-actuable trigger mechanism between the two queues for transferring collars (28), one at a time, from the magazine (32) to the presentation queue (34, 34'). Two embodiments of the feeder tool (10, 10') are disclosed, each with a unique trigger position.