A bit of a bind for me. The guns without the pin are actually more collectible but for a gun which will get heavy use, I definitely would want the steel pin.
What it does is prevent wear on the frame when the locking block is cammed up to lock. Without it, wear can get bad enough after many rounds (thousands) that the block will not fully lock. They didn't have that problem with the wartime steel frames, but when they went to alloy frames in the postwar P38 and P1, the problem cropped up. The pin is an after-market recall/repair.
Jim
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