Abstract: The present invention generally relates to a locating pin assembly for use in precision applications that locate a manufactured part such as gauging or machining. The interchangeable locating pin assembly has: a locating pin housing having a body with an interior portion, and a flange; a locating pin having a tapered head for engaging the manufactured part at a single contact point, and a shank complementary in shape to the interior portion of the housing body; means for axially moving the locating pin relative to the housing between a first extended position, a second partially retracted position, and a third fully retracted position; and means for preventing movement of the pin relative to the housing. The assembly eliminates the need to custom-make a locating pin tailored to each part. The assembly can be made using standard commercial locating pins for use in many manufactured part precision locating applications.