OK so here is a quick discussion on measurement instruments.
My first job (internship) I worked as a technician in a metrology lab which worked on high precision gears. I got to use equipment on a daily basis which I would never be able to afford for my personal use and I became well versed in the use of various measurement instruments.
As far as these tools in the home shop go, buy what you need as far as your tolerances go, and then choose extra tools to make measurement jobs faster and easier. I could write a whole page on the various tools and tricks to measure difficult features, but I'll try to keep it short here.
Basically if you're trying to hit +/- .005", calipers are great for pretty much everything, if you're aiming +/- .0001", your instrument choice will be more difficult (and expensive!).
The basic rundown of instrument precision is that you double the resolution. On digital calipers the resolution is typically 0.0005", meaning you can count on them to measure 0.001" (if you qualify them against standards regularly). On mechanical devices you can estimate one division between the smallest marking. So on a micrometer which has a vernier tenths grating, you can estimate down to .00005 thus giving your quality micrometer a precision of .0001". Again these measurements only count if you qualify them against standards, and if you are in a commercial setting, have those standards qualified by a calibration and qualification service. So your rusty old vernier caliper will not be measuring rocket nozzles.
In my home shop I have collected many measurement tools some new, most used from various sources. I will share the ones I use the most and the ones I rarely touch.
My favorite tool is my Mitutoyo Digimatic calipers. They are your standard run of the mill electronic calipers, but have a nice fit and finish, and have outlasted several other pairs with no end in sight.
In the sad event that those die, I have a no-name mechanical dial caliper which never seems to be short on batteries
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Second most used is my Mitutoyo absolute micrometer. This was a gradutation gift from my dad.
For tool presetting (CNC) and general measurement, I use this shars brand 8" height gauge. Unfortunately my only granite surface plate right now is a 6x8" one from Tormach designed for tool presetting. Hope to pick up an 18x24" at some point.
For more precision work, I have a 0-6" micrometer set. Most of these are mismatched but I do have a set of standards with calibration certificates. I use these standards to qualify most of my tools.
My favorite indicator is my Fowler X-Test Swiss Type. It lost a tip to a keyway a year ago and I finally located the correct replacement tip. Glad to have it back.
During that year, I picked up a Shars .0005" indicator for something like $30. It works like a charm, but I do miss the swivel stem and double range of the Swiss indicator (Shars sells one of those too). I recently picked up a Noga style base from... you guessed it... Shars.
For measuring bores, I use a Mitutoyo 155-903 set of telescoping bore gages. These are a must have. For smaller bores I recommend either split tip style bore gauges or gauge pins.
For measuring depths of internal features or some external features, I have a Starret 0-6" depth micrometer. If you've ever tried to use the back of your calipers to measure depths and found it very frustrating, you need a set of these.
Less often used but very accurate is a Federal .0001" dial indicator. It is old, but runs very true. Really only used for tramming or measuring runout.
New for the lathe are a set of thread measuring wires, metric and imperial theard gauges, and a master precision level.
(honestly this is so sensitive you'll want to pull your hair out)
Finally one last pin micrometer, it is pretty beat up but I trust it for +/- .001" and has saved me on some small and difficult to reach parts.
I didn't take pictures of the various setup and layout blocks that I use, but having a number of decent quality 1-2-3 blocks, v blocks, and angle plates is a must. I also have a high precision cylindrical square for tramming my mill. I'm sure I forgot others but these are the main ones.
Not shown are a few sticks of a very tough green wax we used in the lab. Not sure what the material is, but we used it for checking inaccessible internal features. Heat it up, stick it on, let it cool then measure.
It is a never ending collection, but the more ways you can measure your part and machine, the more confident you can be as a machinist.
-Mike