A piercing clamp for sheets of paper and the like, it includes a piercing jaw containing a piercing pin, and a holding jaw, and is urged closed by a spring. It is self piercing. Once a sheet of paper is pierced within the clamp, it retains its position relative to the clamp whether the clamp is open or closed. A guard may also be included to guard the piercing pin. The piercing clamp has great utility in a hanging clipboard. By piercing divider sheets within the clamp, other sheets may be inserted between the dividers without being pierced, allowing the piercing clamp to be used as a flier.