They are called guide pins and keep the top shoe in exact alignment with the bottom shoe of the die. In this case, they have ball bearing sleeves on the guide pins to reduce friction and make the die last longer. The springs keep the sleeves up at the top to catch the guide bushings every time. Without the springs, the sleeves would just fall to the bottom and stay there. The punch press regulates how far down the top shoe of the die goes. There is an adjustment screw on the press to set the depth.
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