The paper discusses the use of conventional forging equipment for the manufacture of components without flash. The likely range of billet volume variation, the major problem associated with flashless forging, is enumerated for practical situations. An analysis is presented for the estimation of forging loads and die stresses in completely closed cavity dies, when oversized billets are encountered. It is indicated that maintaining die stresses within working levels is more practical on a percussive machine with good energy control, than on a mechanical press. Various forms of die design for overload protection are illustrated and discussed.