simplejane -
I'm not sure which kind you are asking about so I'll tell you about both kinds.
When a sorority or fraternity has a "pinning" ceremony for its new members, it is basically a formal ceremony recognizing their pledgeship. These are usually done after bid day cause bid day's often pretty informal.
When a fraternity man pins his girlfriend, it is basically the step before becoming engaged to be married. It's very serious, because they are saying this girl means as much to them as the fraternity.
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