Japanese Screw Punch
A screw punch is used mainly for bookbinding, but it also translates well to other projects, including those involving leather or cardboard. This handheld tool has a bit on the end that punches through various materials to create small holes anywhere on an item's surface, rather than just along its edges. Bits come in different sizes ranging from 1 to 5 millimeters.
When looking for this tool -- which may also be called a Japanese book drill -- be sure to get one that's made in Japan, as the Japanese screw punches tend to be highest in quality. The handle should be made from maple and the shaft from brass.
This tool will cost around $40 to $50. With extra bits, it can cost $70 to $80.