"Pinned and recessed" is used in conjunction with older Smith & Wesson revolvers, made before 1981 - 82, IIRC.
"Pinned" refers to a pin put through a small hole in the frame after the barrel is screwed in. It's an extra step to ensure the barrel stays put, but in reality is superfluous.
"Recessed" refers to the chamber mouths on older Smith & Wesson revolvers chambered in Magnum calibers. In these gus the chambers were bored so that the cartridge rims were countersunk flush with the cylinder face.
S&W discontinued both features in the early 80s as cost-saving measures.
If you take a look at this picture of the Model 14-3 that I picked up today, you can see the pin above the barrel. Since this is a .38, not a Magnum, it does not have the recessed chambers.
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