The invention provides a die set which employs two-part leader pins for guiding reciprocal movement of the punch holder with respect to the die shoe and for controlling the length of travel of the punch holder towards the die shoe. A tapered male surface on the upper leader pin travels into the throat of a ball cage supported within a sleeve supported by the lower leader pin portion. The bearing cage and tapered leader pin surfaces afford precise positioning of the male die or punch with respect to the female die with minimal or no deflection when the work material is engaged.