My old punch storage, a clear, over the door shoe holder, worked great. It was accessible and I could see everything at a glance. There were a few problems with it, though. I outgrew it, there was no place to put my smaller punches and border punches, the weight of all the punches started to warp the door frame, and my closet door wouldn't close all the way. Yikes!
I really liked the rail system I saw other people using for their punches. I searched all the local stores for cheap curtain rods, and ended up getting mine at Bed Bath & Beyond (with a coupon of course). They are the BB&B brand 7/16" cafe rods that adjust from 28"-48" and were less than $5 each. I was concerned about the weight of the punches on such a small diameter rod so I purchased extra brackets so we (thanks, wonderful hubby!) could install one on every stud, and they have held up really well.
The rods are spaced 6 " apart, and anchored every 18" on the studs.
The best part about this system is I can still expand the rods out to the next stud when I need to. It looks like that will be happening soon, because I don't have any more room on these rods and I just ordered more punches.
Like I don't have enough already.