There's other options than reusing the old races for getting the new ones in that work better, providing you can find materials of the right diameter. A length of steel pipe just smaller than the race works great, as does a big socket.

Shaft collars saw few improvements until 1910 through 1911, when William G. Allen and Howard T. Hallowell, Sr, working independently, introduced commercially viable hex socket head set screws, and Hallowell patented a shaft collar with this safety-style set screw. His safety set collar was soon copied by others and became an industry standard. The invention of the safety set collar was the beginning of the recessed-socket screw industry.[1]

all these answers are right and correct the simple answer is often it can be done with a simple threaded rod and washer spacer and nut setup given mentioned, it was designed to be replaced if fuck all else won't work or you simply don't have any other means sadly some times the only answer is to replace the part. which is the manufacturer being a greedy so&so. if you have the option do it yourself is always best. they make ratcheting box end wrentchs these days, get yourself a proper set. getting proficient in doing things yourself is ever gratifying it makes you strong inside where it counts. The spacer can be made from stock and rifle drilled or heavy walled tubing again sometimes the best tool for the job is the one you make. and then you will have it forever/Threading dies for ID AND OD are always a good idea to keep on hand take good care of your affairs and you will be well kept friend. a good machinist and a mechanic is a happy man.

Set screw collars are best used when the material of the shaft is softer than the set screw. Unfortunately, the set screw causes damage to the shaft – a flare-up of shaft material – which makes the collar harder to adjust or remove. It is common to machine small flats onto the shaft at the set screw locations to eliminate this problem.

Next clean the hub up, remember it's still hot! Get all the grease, grime and dirt off or it's going to get into the new bearings. Inspect it for cracks while it's clean.

Clamp-style shaft collars are designed to solve the problems associated with the set-screw collar. They come in one- and two-piece designs. Instead of protruding into the shaft, the screws act to compress the collar and lock it into place. The connection between the shaft and the collar is made with friction. The ease of use is maintained with this design and there is no shaft damage. Since the screws compress the collar, a uniform distribution of force is imposed on the shaft, leading to a holding power that is nearly twice that of set-screw collars.

Once you have the races in and the bearings greased and inserted you need to get the seals on, most of the time these are synthetic and can be tapped in with a rubber mallet, but sometimes using the old seals to protect the new ones is a good idea as well.

I've replaced bearings without either a puller or a press, it's perfectly doable, although a bearing insertion set does make things much easier. These are cheap and you can get them off the internet. Failing that you can do without.

Perhaps the most innovative and useful of the collars is the two-piece clamping collar. Two-piece clamp-style shaft collars can be disassembled or installed in position without having to remove other components from the shaft. The two-piece design provides greater clamping force than a single piece clamp because all of the force is transferred directly into clamping the shaft. Also, the two piece collar has double the amount of screws the one piece has. In single piece designs, the non-tightened side provides negative force, as it must hold the collar open to allow it to be placed onto the shaft. The single tightener must work against this force as well as provide clamping force of its own.

A further refinement of shaft collars is where a single bolt and nut surrounds the shaft. The bolt (exterior thread) has kerf cuts, making fingers, which are compressed onto the shaft as a nut is tightened over it. These are found on modern tripod legs and collets. If wrench-tightened, these can be very tight.

First you need a hammer, punch, gloves, safety glasses, a torch and a piece of scrap wood to go between the hub and whatever surface you're hammering the hub on. After removing wheel from the hub you should be able to get the seals and bearings out with basic tools (Keep the seals for the time being). Once you have those out you need to get the inner bearing races off, which is the more challenging part. To do that you heat the hub it using a torch until the bearing grease starts to drip out, then hammer the races out using the punch. There will be grooves machined out of the hub to do this, you just hammer one side, then the other until it drops. Flip and repeat for the other race (assuming you have 2). Keep the old races.

The first mass-produced shaft collars were set screw collars and were used primarily on line shafting in early manufacturing mills. These early shaft collars were solid ring types, employing square-head set screws that protruded from the collar. Protruding screws proved to be a problem because they could catch on a worker's clothing while rotating on a shaft, pulling the worker into the machinery.

Quick- Clamping collars are a variation of a one piece collar style. The principal of the connection is the same. The only difference is that instead of tightening a screw you can just use the lever to open and close the collar. This is a lot faster and does not require any tools.[2]

Although clamp-type collars work very well under relatively constant loads, shock loads can cause the collar to shift its position on the shaft. This is due to the very high forces that can be created by a relatively small mass during impact, compared to a statically or gradually applied load. As an option for applications with this type of loading, an undercut can be made on the shaft and a clamp collar can be used to create a positive stop that is more resistant to shock loads.

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Shaft collars can be found in virtually any type of machinery and are frequently accessories to other components. Capable of fulfilling many roles, shaft collars often hold bearings and sprockets on shafts, situate components in motor and gearbox assemblies, and serve as mechanical stops. Shaft collars are used in industrial equipment and machines as well as in light duty applications such as coat racks, on home gym equipment, or even in foosball tables.[4]

If you're me that won't happen as it's never that easy, this is where the old bearing races come in. You could use the hammer and punch on the new races directly, and I've heard of people doing this successfully without damaging them, however it's risky. Put the old race on top of the new one and hammer on that instead, the old race will spread the force out and prevent damage. The slit cut through it will keep it from getting stuck along with the new race. Work around, hammering as you go until it's seated. Note that this method can be annoying and time consuming as the old race has a habit of jumping out. Repeat for the other side, you will probably want to reheat the hub.

I would recommend taking the hub to a local garage and for a very small fee of around £10 they will press out the old bearing and fit the new one. I have done this several times and found the garages very accommodating. All you then need to do is fit the hub assy. Failing that you could knock them out but I recommend you take the easy option as you may damage the bearing trying to fefit it. They are very tight.

Bearing race insertion: Before you try to get the new races in, you need to take the old races and cut each across using a rotary tool, saw, angle grinder or the like. Stick the new races in the freezer, this will cause them to shrink (30 minutes at least in the freezer). Heat the hub again, this will cause it to expand. Get one of the frozen races from the freezer and quickly drop it into the hole. If you're lucky the combination of the expansion of the hub and contraction of the ring may let the ring just drop straight down.

Two-screw clamps still provide force on two sides (one dimension) only. Four (or more) screw clamps provide force on four (or more) sides, and thus two dimensions.

The shaft collar is a simple, yet important, machine component found in many power transmission applications, most notably motors and gearboxes. The collars are used as mechanical stops, locating components, and bearing faces. The simple design lends itself to easy installation.