You should always use a new one, as it will have worn as much as the chain, ie stretched the same amount. no harm keeping it for spare in an emergency, but not to be used on a new chain would be my thinking
When Powerlinks first came out they didn't always arrive as promised with the new chain. I've recycled them lots, but a failed powerlink was the cause of a broken chain for me, when the pin just broke away from the sideplate. Had been on about 3 MTB chains though, so I didn't cry much!
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