Help with old Pressure Reducing Valve

[facebook_user]

Have an old house with low pressure. Looked for the reducing valve and found this old fellow between the water main and the house. It has the locking nut and screw, but lacks the typical bell shape seen in newer valves.

Is this still a reducing valve?

Also, there is a collar on the screw preventing it from being tightened (and thus increasing water pressure). What gives?!

 

[Matt30]

From what I can tell, that's just a gate valve with a broken handle.

 

[djmayhill]

From what I can tell, that's just a gate valve with a broken handle.

Agreed pipes in picture are galvanized that's gonna be your issue