An impact hammer assembly, suitable for high speed MICR printing, is disclosed. The impact hammer assembly comprises an impact hammer having first and second flanged portions respectively positioned at first and second ends along a first longitudinal surface of the impact hammer and a hammer face positioned at the second end of the hammer on a second longitudinal surface opposite from the first longitudinal surface. The hammer is pivotally mounted at a pivot between the first and second flanged portions for movement between a rest position and a print position. A first electromagnetic coil positioned adjacent to the first flanged portion is energized by a first pulse from a control circuit to impel the hammer face toward the print position. A second electromagnetic coil positioned adjacent to the second flanged portion is energized by a second pulse from the control circuit to cause a fast return of the hammer to the rest position. A spring is connected to the hammer at a point between the pivot and the second flanged portion to provide damping of oscillations of the hammer upon the return of the hammer to the rest position.