Originally Posted by BigChief

Exactly! Although, I do have a punch set and I know most don't. I think they are essential tools. I have never had a cotter break off like that. Usually they just bend. Well, this saves you the trouble of drilling away the bent part. What I do is center punch the cotter, start with a small drill and work up until the drill is almost as big as the diameter of the cotter hole in the crank. This leaves a centered counter sink in the top of the cotter. Then I drill a clearance hole in a 2x4 and cut it to length so it supports the crank arm against the cement floor. Then using the fattest punch that fits into the counter sink, I drive out the cotter. From the looks of it, you may be able to get away with just supporting the crank arm and driving it through. I like the counter sink because it helps direct all the energy straight through the cotter.
edit: If you don't already have them, I highly recommend new cotters from Mark at BikeSmith. They are the best quality and he custom tapers them to fit Raleigh cranks. On the good side, if you use good cotters and properly install them with the press, you'll never have this problem again.

Originally Posted by paulb_in_bkln

I've given up working on these without a cotter press. Too much time, too much frustration, too much un-success. Not that I've bought the Bikesmith one. But my LBS has the older Park tool and the proprietor will let me use it if I bring the bike over, which isn't that convenient either. Eventually, I will have to buy the Bikesmith tool, I know that.