Originally Posted by
cyccommute
It’s bent!
These seat stay located chain pegs are often bent and/or really scrapped up as many forget to remove the chain from the peg before trying to ride off.
The chain stay located versions are positioned so that the chain falls onto them during wheel removal (chain on smallest cog) and then holds the chain "open" to receive the small cog on reinstalling the wheel. No hands and auto correcting. I got the idea form the 1973? Fuji Finest which had a clamp on chain stay cable stop with a fin running across the stay and under the chain. Columbine later offered a braze on chain peg (although more like a shelf as it was a stamped and bent piece of steel). Andy