The name is literal — each stripe is as thin as a pin. It settled into British financial-district suiting in the 19th century and became tightly tied to bankers' and lawyers' dress, distinguished from the bolder chalk stripe mainly by width.
Structurally it's about as simple as a repeating pattern gets — a single direction (usually vertical), evenly spaced, evenly thin lines, no crossing, no offset. Because of that simplicity, the stripe-to-ground contrast is usually kept low; too sharp and it reads as visual static rather than a stripe.
In CSS it's a single repeating-linear-gradient: 1px opaque, the rest transparent, repeated vertically. It's the cheapest pattern to build in this whole category.
When to use
Use for business/formal texture and subtle UI divider backgrounds. On low-density screens the lines can moiré — keep at least 1.5px of spacing.