Let me start off by saying there is no perfect solution to sorting and storing hardware in the workshop...  Assuming the shop is an actively working space, the most you can hope for is marginal containment of hardware - a kind of controlled chaos.
There are a few different reasons for this.  First of all, hardware is vastly varied - there are many different kinds/types. Second, there is a lot of hardware involved in building things. Third, storage space is always finite.
(This blog post has a lot of lists in it.  I've tried to keep things straight by using color coding in the actual lists and section titles. Links, as always, are in their own color.)
Ok, let's break down the reasons mentioned above:
First: "Hardware is vastly varied - there are many different kinds/types."
Before we get going, we better define exactly what we mean when we use the term 'hardware.'
The Merriam-Webster dictionary defines 'hardware' as (in part):
1: ware (such as fittings, cutlery, tools, utensils, or parts of machines) made of metal
2: Major items of equipment or their components used for a particular purpose
(I'm sorry, I know how asinine it is to use the phrase "the dictionary defines something as..."  I promise I'll never do it again...  in this post... probably.)
Thus, hardware can mean many different things - especially in a workshop setting.  Let's list a few big categories: tools, blades, fasteners (screws, nails, bolts), clamps, etc.
Complicating matters, different people have different personal ideas about what constitutes hardware.  One person might call a biscuit (a la a biscuit jointer) hardware, while another person might just call it material.  They could both argue their point... (but I'll move on because that sounds really boring).  *Insert joke about British & American people and the proper usage of 'biscuit' and/or 'cookie'...
So, once you start collecting hardware to use in your workshop - you never really stop because:
Second:  "There is a lot of hardware involved in building things."
The more things you build, the more hardware you'll acquire!
Very rarely do we obtain the bare minimum amount of hardware required for completing one project. If you have to purchase a box of 100 round-headed brass screws - and you only use 50 of them - you're not going to throw away 50 pieces of nice brass hardware that could be used in the future (please don't! I love brass hardware).
The same goes for tools.  If we have to buy a new tool or blade or 1-2-3 block for one specific project - we're not going to throw it away after the project is finished. (Unless you destroyed the tool while doing the project... *one raised eyebrow*)
Even one or two modest-sized projects can involve a lot of needed hardware.  This is something of a problem because:
Third: "Storage space is always finite."
Acquiring tools and extra brass screws (and everything else) is not a bad thing, because you can always find a use for those things in the future, but storage space is a limiting factor.
If you have a giant shop with shelf after shelf of storage space - filled with nicely separated plastic storage containers and room for more, then you can go f...  well, you know... (lucky bastard).
Most of us don't have that kind of space, and we have to make choices about what to save and how to save it:
What to save:
As much as realistically possible!
I know that doesn't sound like a very healthy attitude. (No, I'm not a hoarder.) However, my experience from almost 20 years of managing/working in shop environments has shown me that hardware will almost always be useful in the future - assuming you have an efficient way to sort/store it.
There are some exceptions to the 'save as much as realistically possible' idea - for example, hardware that is broken, super-specialized hardware, and really big stuff.
Ok, broken hardware: If it's a tool that I can fix, then I keep it and fix it.  If it isn't worth fixing (or I can't fix it), I'll generally strip it for parts.  If the parts wouldn't be very useful I'll get rid of it (donation or trash).  Broken hardware, such as stripped bolts or bent nails, get trashed - they are seldom worth it. (Not enough hours in the day to rethread bolts and hammer nails straight.)
Super specialized hardware is a tougher call.  If it's a tool that I can't see myself ever using again (something bought for a unique project), I'll get rid of it or put it into deep storage (i.e., storage space not in the workshop).  Specialized bolts or screws usually end up being useful someday - for me it depends how much storage space I'm willing to give to them.
Really big hardware can refer to big tools (like a big lathe) or something like the collection of giant bolts I found in the corner of my basement (2" diameter, 8" long).  I'm not saying that the giant lathe (or the bolts) won't be useful for some cool project in the future, but it becomes a question of having to create a project specifically designed to utilize that big hardware.  The hardware you have should serve your designs - not the other way around.  Plus, big hardware takes up big space.
How to save it:
Have you ever heard the expression: "Opinions are like assholes - everyone has one, and they all stink?"  That's what I think of when I think about hardware storage solutions (ok, not exactly - but I've been trying to find a place to use that joke - read on).
There are many, many ways to store hardware in a workshop environment. Google workshop storage (or look on Amazon) and find something that works for you.  I'm not going to dictate what I think everyone should buy/build because searching for the perfect hardware storage methods is like searching for your unicorn. In my case, I'll organize my hardware storage in some new and exciting way every year or so - searching for perfection. Alas, there is no perfection to be found...  *single tear rolls down cheek*
Realistically, however, there are a few important considerations to look for when designing your hardware storage solutions: ease of access, finding things, and specialized storage.
Ease of access:
You need to be able to access your hardware - easily and quickly.  There are a number of examples of this:
Let's say you have a ton of plastic hardware storage containers (like I do). You may think you're being clever by stacking them two to a shelf and thereby saving room.  However, Lia's First Law (part 1) states: "The hardware you need will always be in the bottom container, regardless of the project or situation." Thus, don't stack hardware storage containers - you should be able to pull out one container at a time.
Big plastic containers are ubiquitous for storage, and many are decently sized - holding lots of random hardware. Lia's First Law (part 2) states: "The hardware you need will always be in the bottom of the container, regardless of the project or situation." Thus, smaller containers for storing hardware will always make things more accessible.
To sum up: Your hardware should be stored in such a way that you can quickly and easily get to exactly what you want.
You also need to be able to find it:
Finding things:
I have three suggestions for finding hardware in a workshop environment: Labels, labels, and...
...oh lets see... labels!
In case I wasn't loud enough - LABELS.  LABEL YOUR STUFF! Not only label, but have some kind of master list where you keep track of roughly what you have and where it is.  I'm not suggesting you barcode all your hardware storage (although that would be cool) - but getting a simple label maker and labeling containers in a basic fashion (i.e., brass screws, dado blades, biscuits, etc.) is a fantastically helpful thing to do (especially for workshops where more than one person is working - and these other people also have to find things).
While I obviously love labeling things - I try not to take it too far...  I don't label big, obvious tools that are already out in the shop (like the table saw or the oscillating spindle sander). However, I will label the drawers/containers where smaller tools are kept (like the narrow crown stapler or impact wrench).
Some of the larger shops I've worked in have used color coding to separate types of hardware containers - useful when dealing with a large inventory. (Also useful when dealing with multi-list blog entries!)
Do whatever you can to make finding your hardware easier.
Specialized storage:
If you go search for tool/hardware storage online, you'll often find crafts people who have built elaborate specialized storage for their stuff.  For example, I could build a wooden drawer that holds all of my air tools - with each tool having a specific space where it, and it alone, will fit.  This is a double-edged solution.  It's great that I have a unique (and labeled, I assume) space for this piece of hardware - but Lia's Second Law states: "Generalized storage is always more versatile than specialized storage."  A better solution for my drawer would be to have a number of generalized spaces - where different tools can fit (even tools that I don't have yet).  Keep your storage solutions flexible - and remember to label stuff (also, labels are super easy to remake or move).
So far, we've mostly discussed storing hardware. The sorting is presumed - you can't store something without sorting it first.  Well, you could just dump random stuff in storage containers...  And if that works for you, then hey, rock on.  I'll be having anxiety dreams on your behalf tonight.
While the actual sorting is important, it is also pretty straightforward. Jigsaw blades go with other jigsaw blades (and maybe replacement parts for said saw). Drywall screws go with other drywall screws - by size, coarseness, and drive type, of course. 1-2-3 blocks go with the 2-4-6 blocks.  And so on...
While I don't want to underemphasize the importance of finding a sorting system that works for you, you may not need to sort things out to such a large degree.  It depends on many factors: How much stuff you have to sort, what sorts of containers you have to sort things into, and how much free time you have to actually devote to this kind of project (the typical deciding factor).
Sorting and storing hardware is supposed to improve overall workshop efficiency.  If you find you're spending too much time trying to find a perfect solution - well, then you're like most other thoughtful crafts-people at one time or another.  You have to find a solution that works for you (even if it isn't perfect) - hopefully with an eye towards future improvement - and get on with the business of making something.  Because, really, that's the point.
...and remember to label! :)
-Lia
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