An adjustable angle toolholder comprising a shank and an adjustable head is provided. The shank has a first end and a second end. The first end is adapted to be held in a machine, such as a lathe. The second end includes a fixed plane oriented parallel to a lengthwise direction of the shank. The fixed plane includes an arcuate face at a distal end of the fixed plane. The head has a fixed plane that mates with the fixed plane of the shank. The fixed planes of the shank and head include a pivot hole through which a pivot bolt passes. The pivot bolt allows adjustment of the head through a wide range of angles relative to a lengthwise direction of the shank, while the fixed planes maintain a position of a centerline of a cutting tool constant with respect to a centerline of the shank. The fixed plane of the shank may be on a centerline of the shank.

Tool for machining a workpiece, comprising: a cutting insert; and a cutting insert holder comprising a first cutting insert receptacle extending along a first center axis and a second cutting insert receptacle extending along a second center axis, into which the cutting insert is selectively receivable; wherein the first and second center axes intersect at an imaginary crossing point located in a region that is covered by the cutting insert when the cutting insert is received in the first cutting insert receptacle as well as when the cutting insert is received in the second cutting insert receptacle.