Measure the diameter of a drill bits shaft with a dial or digital caliper. The caliper is an extremely accurate measuring tool. It can take measurements down to a few hundredths of an inch.
Convert the digital measurement into other measurement systems with a conversion table. The digital measurements can be converted to English measurements, metric system or wired gauge conversion tables, like the one on http://www.csgnetwork.com/drillsizeconvert.html.
Convert digital measurements into English or metric systems of measurements using the following simple equation. Digital measurements are in hundredths of an inch, so a measurement of .25 is the fraction 25/100, which is 1/4 of an inch. If using metric measurements, 1 inch = 2.54 cm. So convert a digital measurement of .25 with the following equation: 25/100 inch * 2.54 cm / inch = .635 cm.