Is there a tool for making cutting rounds in balsa or basswood?

Neither of the suggestions in the first answer are big enough

There are bigger punches available, sold as gasket punches for putting holes for bolts and passage ways. http://www.grainger.com/Grainger/wwg/search.shtml?...

Another choice is a hole saw, which will work on basswood where a punch may not, The problem with a hole saw is that the disk has a drilled hole in the middle which can be omitted if you need solid disks but you have to check the hole saw to see if you can remove the bit and replace it with a short rod of the same size - then the hole saw has to be used in drill press.

Basswood Rounds

http://www.harborfreight.com/9-piece-hollow-punch-...

Beings as balsa is so soft, if thin enough you might be able to use this:

http://www.harborfreight.com/leather-punch-tool-97...