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This hinge pin is used only when the mast is being raised and should be removed after the mast is standing.
This may or may not seem obvious, but you also definitely want to have the pin in when you lower the mast as well.
As far as what others have said, the 4-rivet mast step is the way to go. Some have suggested that you loosen the dolphin striker bolts at the ends of the cross-bar before re-attaching the mast step. I will tell you that in my experience, there is an extremly high chance that the stainless steel dolphin striker rod is frozen inside the aluminum end casting. It will probably be a real bear to adjust if the boat has been used in salt water. You would probably be better off using a jack between the striker rod and the bottom of the crossbar to seat the new step.
One last recommendation. Since you've got the step off, I would suggest that you give the crossbar a through inspection for any cracks in the step area. I've had two crossbars crack there (luckily I caught them before they failed).
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