The other pin will have a hole for a split ring that you tie a light line to, so you don't lose it. I usually stick the loose pin under a loop in the tramp lacing so it isn't just hanging on the string.
We keep the step pin loose and unattached, stowing it in the tackle box. That way were sure it's there when we return from sailing and not snagged by the crew and dropped in the lake. <img src="http://www.catsailor.com/forums/images/graemlins/blush.gif" alt="" /> Of course you can always use a phillips screw driver in a pinch.
Another reason for keeping it loose is we've forgotten to pull it out and mangled the hinge before we figured out why the mast was NOT rotating <img src="http://www.catsailor.com/forums/images/graemlins/confused.gif" alt="" />
