• Or have I got it totally wrong*

    Yes.

    A normal chain has two pivots in each inner link (the rivets are fixed to the outer links and don't pivot in them) A 100-pitch length has 50 inner links, so 50x2=100 pivot points

    A "half-link" (cranked link) chain has one pivot in every link - the thin end has a pivot, the thick end has the rivets fixed to it. A 100-pitch length has 100 links, so 100 pivot points

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