Think of memory as a big warehouse with lots of boxes to put things into. When you call "new", the warehouse staff finds an unused box large enough for your needs, records that box as being owned by you (so it's not given to someone else), and gives you the number of that box so you can put your stuff into it. This number would be the "pointer".
Now, when you "delete" that pointer, the reverse happens: the warehouse staff notes that this particular box is available again. Contrary to real warehouse staff they aren't doing anything with the box — so if you look into it after a "delete" you might see your old stuff. Or you might see somebody else’s stuff, if the box was reassigned in the meantime.
Technically, you are not allowed to look into your box once you have returned it to the pool, but this is a somewhat weird warehouse with no keys or guards, so you can still do whatever you want. However, it might cause problems with the new owner of the box, so it's expected that you follow the rules.