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Yes it's 1/16. I usually file the pin flat and center the bit as best I can. Then I twist it back and forth about 1/8 of a turn to get it started where I want it. If it's a little off I file a bit...

So I'm unpinning an early 1800's Frenchie with a pin vice because I need to save the collars. Would have been nice to save the scales but they're just too far gone. I've got a nice centered hole...