Imlach's Sweaty Hippie Funk Collection, adventure bikes, rusty rats, cruisers and other alt bastardisations of bicyclery

It's a 2 speed. And ‘the thing’ is both a tensioner and half of the the derailleur ( the other bit being on the chainstay) due to the jockey wheels being able to move side to side on their pivots. It can also be used with a sturmey archer 3 speed hub, resulting in a 6 speed system.
 
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