The present invention relates to a novel vise that operates in both a threaded and unthreaded mode. The vise includes a fixed block, a movable head, a rod, a ratchet mechanism, a threaded mechanism and a toggle mechanism. In the threaded mode, the movable head may only be moved by rotating the rod. In the unthreaded mode, the movable head may only be moved by applying force to the movable head in the desired direction of movement.