Pin in Shear vs Bolt in Shear - why the difference?

[Skirr]

In the connection section of AS4100:2020, the equation for the capacity of a pin in shear uses the yield stress, whereas the capacity of a bolt in shear uses the ultimate tensile stress.

I am curious as to why this difference exists, and what would be the correct stress to use if the material of my pin is Grade 8.8 steel.

My current understanding is that it is related to the use of the pin/bolt and required ductility of the connection, but I have had no luck in finding any reading on it.

 

[GeorgeTheCivilEngineer]

Is it to do with bolts being part of a system of bolts, whereas a pin is expected to be a single pin?

 

[mfgenggear]

gee to my understanding standing bolted assembly, relies in the preload and the friction of the materials. or am I not under standing the intent?