Loose pin (coder pin maybe) on brake

blue-sun

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2008.5 Mazdaspeed3
I noticed last night on my way home that my car was making a pretty quiet metal on metal "shh shh shh" noise that went away when I hit the brakes. I thought it might be a loose dust shield.

I was able to determine that it was coming from the drivers side front wheel/brake only.

So this AM I jacked the car up and took the wheel off. Here's what I found. A pin (possibly a coder pin?) in a hole at the top edge of the outside pad. hanging over the pad towards the inside pad. It was loose. I couldn't get the pin back or figure out where it would go.

Is this a necessary part? what should I do? See cell phone pics attached.

Thanks in advance.
 

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