Here's a two-part punch and die set which makes 5mm x 12mm washers (a size suitable for ¼" VCR tube fittings). The inner hole is punched first, then the blank is located on the end of the 12mm punch by a spigot in the middle of the punch face. The stripping plates hinge out so the stock material can be positioned easily. Both are made to fit the bench press.
The punches are just free-machining mild steel; I didn't bother hardening them, since they're easier to replace than the dies. The dies are made from 1/8" gauge plate, hardened and tempered. I had unfortunately made the punches a very neat fit before hardening the dies, and the holes ended up being slightly oval, so I had to file away at the punches to coax them through!
Video of operation: