An Unsightly Regulator Pin

Well this is interesting...

The inner pin on the regulator has been replaced with one that is way too long. That is probably a dial foot pin, or just a replacement regulator pin that for some reason was not neatly trimmed down like it is supposed to be.

The two pins on the regulator arm are what cause the hairspring to be effectively longer or shorter as the regulator arm is moved. These pins should be just two tiny, parallel pins of brass. There's no reason what we find here wouldn't function, it's just rather untidy.