An air-driven feeder tool is provided for presenting swagable collars one at a time for placement on the shanks of lockbolts and thereby made ready for the application of a swaging tool. The swaging tool breaks off a pintail from the lockbolt and a vacuum system draws the broken-off pintails through a vacuum device and into a receptacle for safe disposal. The feeder mechanism comprises a magazine holding a supply f side-by-side collars, a presentation piece holding a short working collars and a worker-actuable trigger mechanism between the two queues for transferring collars, one at a time, from the magazine to the presentation queue. Two embodiments of the feeder tool are disclosed, each with a unique trigger position.