The pin is tapered, as is the hole....and, yes, it is a friction fit. I have seen a few that were on a braided string ( fishing line?) to keep from loosing it. A banjo/guitar string peg works great.
BTW, you can make a tapered hole drill by carefully grinding a 1/4" bit down with a taper. Drill a 1/8" hole and then use the tapered bit. Make the pegs to match that taper.