In a tool changer system comprising one or more tool grippers together with a pressure foot insert change pod supported on a U-V slide which is independent of the machine work table. The slide services a tool magazine mounted on the machine tool in close proximity to the work table. Because the tool changer is independent of the machine table, the selection and retrieval of the next tool to be used is performed while the machine tool is working. Similarly, the replacement of the tool back into its storage location is done while the machine tool is working. The exchanging of the pressure foot insert is done as part of the tool change process. Time is saved because the work table does not have to be moved to position the tool changer under the spindle. In fact, the work table may be moved to the next work location while the tool changer changes the tool in the spindle. An alternative embodiment of this invention avoids complex adjustment of certain types of tools when loading the same into the machine spindle where the precise location of the tool tip is unknown. Such adjustment occurs whenever tools without positioning collars are stored in the magazine. The instant invention permits such adjustment "off line" while the machine tool is working on an work piece by including a new dual piston gripper mechanism and a coarse axial adjustment pad thereby saving additional time and increasing the output of the machine. Also shown in the patent is a cartridge for tool magazines which accepts the EURO cassette without the need to separately unload tools from the cassette and load the typical tool cartridge.