a cutter with a replaceable cutting element is adapted to be mounted upon the rotary head of an earth boring machine or upon the body of an earth boring bit . a rolling cutter shell is mounted upon the rotary head or the bit for rotary motion to roll along the formations being cut . the rolling cutter shell includes first and second ends with an annular receiving surface between the ends . replaceable cutting means substantially encircle the rolling cutter shell for contacting the formations and forming a hole therein . the replaceable cutting means include an inner surface that mates with the annular receiving surface of the rolling cutter shell . locking means securely lock the replaceable cutting means to said rolling cutter shell and draw the inner surface of the replaceable cutting means into engagement with the annular receiving surface of the rolling cutter shell .