Owen is correct, just pry it out of the ring in the neck and remove the thermostat.
Make sure you clean out the groove that the ring snaps/seats into since it get full of rust and crud which makes it hard to get the retainer ring to properly fully seat back into the groove.
If it is damaged, the same ring is used on most of the smaller offset Farmalls (C123 engines), just google "Farmall Thermostat Snap Ring" to find a new replacement snap ring.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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