Drain plug with cotter pin

Sometimes my drain plug with a cotter pin dangling out of it leaks some sort of fluid.
What would/could that fluid be coming from?
Thanks- I am soooooo new to this I now I sound dumb...I'm not. Just afraid I will take something loose that will damage something else......
 
What are you working with?

Drain holes in the clutch housings of many of these old tractors have a cotter pin in them that jiggles around during tractor operation and thereby keeps the hole open.

In that situation, a engine oil leak at the engine's rear crankshaft seal or transmission oil leaking forward into the clutch housing will find it's way down to the drain hole and "mark" the tractor's territory.

Today, we expect everything to be clean and sanitary, but "back in the day" nobody freaked out about a few drips of oil on the ground/floor every now and then.


NOT sure what you are looking at the has a cotter key/pin in a drain PLUG, although I have seem various machinery with a fill/vent plug with a cotter key through between flats to keep the vent hole open, just like the previously mentioned keys in drain holes.
 
On most fords like the N series or the X00 or X01 series it could be water from condensation/rain or engine oil or transmission oil or a mix of all 3. Rear main seal on the engine leaking some or transmission seal leaking etc.
 
I'll add, that my dad would say in the late 1940's that it was good to see a little oil on the floor, since that showed that the main bearing was getting oiled. Those old rope main seals always leaked a little bit.
 

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