late Old English pinn "peg, bolt," from Proto-Germanic *penn- "jutting point or peak" (source also of Old Saxon pin "peg," Old Norse pinni "peg, tack," Middle Dutch pin "pin, peg," Old High German pfinn, German Pinne "pin, tack") from Latin pinna "a feather, plume;" in plural "a wing;" also "fin, scoop of a water wheel;" also "a pinnacle; a promontory, cape; battlement" (as in Luke iv.9 in Vulgate) and so applied to "points" of various sorts, from PIE root *pet- "to rush, to fly."
Latin pinna and penna "a feather, plume," in plural "a wing," are treated as identical in Watkins, etc., but regarded as separate (but confused) Latin words by Tucker and others, who derive pinna from PIE *spei- "sharp point" (see spike (n.1)) and see the "feather/wing" sense as secondary.
The modern slender wire pin is first attested by this name late 14c. Transferred sense of "leg" is recorded from 1520s and hold the older sense. Pin-money "annual sum allotted to a woman for personal expenses on dress, etc." is attested from 1620s. Pins and needles "tingling sensation" is from 1810. The sound of a pin dropping as a type of something all but silent is from 1775.