A high speed mechanical impact printer using a continuously rotating print wheel. Paper label stock is contained on a supply reel and fed through a print station comprising the print wheel and a print hammer by a motor and roller means positioned beyond the print station. Substantially constant tension is maintained between the supply reel and the print station by a spring assisted tension means operating in conjunction with the supply reel. The print wheel is secured to a belt-driven, printer drive member through a compressible plastic ring. In printing, a hammer impacts the label stock and an ink ribbon against the rotating print wheel under logic control. After printing, the stock proceeds through a mechanical means which permits the operator to conveniently strip the most recently printed label from the stock backing so that he may attach it to a commercial item or the like.