That piece is basically a pin that goes through the frame center which holds a spring and sear that breaks the hammer when the trigger is pulled. The recessed part above on that part where your arrow is drawn should be flush with the frame rails. Make sure that tiny tiny screw below is all the way tight (firm tightness not over tight). I have completely stripped and put back together 16 of these pistols and I have in 14 cases noticed that the screw needed tightning to hold that pin in place. And I would say yours looks a little worn. It should be ok just tighten the screw below it.
-Troy
Last edited by brigade on May 21st, 2007, 11:31 pm, edited 1 time in total.