Yes, it is a simple seal. The seal is the same for both spools. I would try resealing it before going for a new valve. It may require measuring and matching the seal if the numbers don't cross. A dealer might be able to use the number in the book, I haven't found a cross for it yet. And when you get it off the loader frame I believe you will confirm it is dumping oil into the reservoir directly from the valve.
Check out my post of yesterday. I told you where, (the N tractor club library) to find parts and service manuals for 101/102 loaders that will help you until/if you want to buy the ones AGCO says are for it. That is where that drawing came from and the other pages of it will identify the key number items for you, as well as many more components.
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Today's Featured Article - Ford Part Number Trivia - by Forum Participants. "Replaced by" means the part was superseded. All of my part books date back to 1964 and New Holland have changed some part numbers. They usually put the old Ford part number on the package. I was suppressed when I looked up the part number of the auxiliary drive shaft because for some reason the part number went through a radical change and it lost its "Basic Part Number". Ford part numbers follow the following rules. Most part numbers are in three parts. The middle part is called the
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