Hi Guys,
Thank you all for your interesting comments – they are really appreciated.
Perhaps I should state that I have the full range of 5C collets and accessories which I use in conjunction with my Warco WM280V-F lathe. As John said the C5 collet will grip short pieces of work which I have done intuitively.
About a year ago I dumped the R8 Clarkson Tool holder fitted to my Naerok (old but still useable) mill as I found them to be too fiddly and awkward to use.
I began to use a Chester Tools ("ER" style) set of 8 collets in the mill with the supplied R8 tool holder.
The Chester collets are to their own design I believe. The set arrives with 3,4,6,8,10,12,14 & 16mm collets. Spare collets from Chester are very expensive and it really makes it untenable to make up a full set.
I started to realise that the ER32 collet range would (seemingly) fulfil my needs complimenting the C5 collets, and the existence of a C5/ER32 adaptor clinches the deal as this can be used in the lathe, spin indexer, Stevenson's blocks etc. In effect a no-brainer!!
Those were my thoughts, and although it sounded reasonable, I still couldn't fathom out the reason for having both sets until I read Clive's answer when he said that ER collets were designed for tool-holding and 5C for work-holding.
So, this has resolved my reservations and hopefully Santa will be reading this!
Cheers, Barry