It's called a heat riser,it opens and closes a valve in the exhaust manifold to warm up the intake manifold and the carb so they don't freeze up when the engine is cold and the air is cold. That coil is like a thermostat and and is whats called a bimetalic coil it will coil tighter and looser when it cold or hot.The iron thing you see is the counter weight so the spring does not have to work that hard to open and close.Most of the time they are rusted and don't work ,but you should get it to work right.I took mine and tapped it lightly with a small hammer and keep trying to get it to move and at the same time sprayed it with liquid wrench it took about a week to get it free than I bought a new spring coil fron Clasic of America now it works .


Pete