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A five-pin master key system is designed to function with all combinations derived from five bitting positions. Each pin within the lock corresponds to a specific depth or cut, which contributes to the overall configuration of the key used to operate it. By utilizing five pins, the system offers a broader range of possible key combinations, allowing for increased security and flexibility in locking mechanisms.

The master key functions in such a way that it operates multiple locks while still allowing individual keys (change keys) for each lock. The five-pin structure ensures that the master key can operate all the combinations that the five different bitting positions can provide. This not only illustrates the capacity of five different depths but also highlights the ability to create a more intricate keying system.

In contrast, the other options either pertain to a different number of pins or functioning mechanisms that do not encompass the full range of combinations generated from five pin bitting positions. Understanding the application and function of a five-pin master key is essential for locksmithing, promoting effective security and organization within various locking systems.