It is a little bit
lose and will turn a fraction in both directions but is not willing to
leave it's happy home.
I know you said there is no pin in the hosel BUT because you are saying the above, I think there is a "back screw" through the head into the shaft. Look carefully to see if there is a tiny spot plugged with a piece of wood or a filler on the back of the hosel an inch or so above the sole. If there is a plug or fill there is a screw under it and into the shaft. That would account for the movement but not pulling free.
If the head is wood the shaft is definetely not "screwed" in.
