Is the mini hand drill a significant upgrade on the current drill?
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Yes.
It isn't just a smaller version of the larger drill. The mini, IMO, has some very desirable differences.
The bit is easier to replace due to the screw retainer. The large drill has a pin, which is possible to remove but not nearly as easy as the screw. Hey, stuff happens. We drill into trees on old farmland that may have all kinds of metal hidden inside the tree growth, right? Old fence, nails, etc. It's not crazy to think that a bit could be damaged when drilling into a tree, especially the lowest 5 feet or so. Anyone who has cut enough firewood will tell you they have hit some mystery piece of metal buried within a tree growth. I want to be able to change a bit in the field. The last thing I want is to be a mile or more from my truck and damage a bit and be dead in the water. I carry a spare bit and an Allen wrench in my pack.
Other improvements the mini has is a beefier spring and a better collar to keep chips from working their way into the sleeve.
You can have my mini...when you pry it from my cold, dead hands.