A reversible tool holder assembly is adapted for insertion into a handle in either of two orientations to present two different ends extending from the handle. The reversible tool holder assembly includes a first barrel and a second barrel that are axially aligned, and a ratcheting mechanism that is disposed axially between the first and second barrels and configured to provide a reversible ratcheting mechanical connection between the first and second barrels. The ratcheting mechanism is configured to provide a reversible ratcheting mechanical connection or a solid mechanical connection between the two barrels.