Correct - it's a "drift pin".
Now that you've noticed it you'll see it in other vintage photos too.
K
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'63 LeMans Convertible
'63 Grand Prix
'65 GTO - original, unrestored, Dad was original owner, 5000 mile Royal Pontiac factory racer
'74 Chevelle - original owner, 9.56 @ 139 mph best
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