Share 'Banjo 5th string friction peg'

Just a simple question here.  I've got a fairly old banjo in and at first I thought the shaft on this friction peg was broken.  Once I re-assembled it, it seems fine, but I can't see how it stays in place.  Once I string it up does the string tension simply keep it from walking out?  It's not loose and turns smoothly.  I'll also be removing this spike and repairing the damage left behind, as we c…