It's a Thermal Choke, the Coil is under the Black Cap, much like your Standard Electric Choke..... Basically the Way it works, is there is a Vapor Tube that is mounted on the manifold, and routed up to the back of the Choke Assembly, ending with a Fitting that blows air into it to heat the Coil....
It's Pretty much the same Idea as the Manifold Mounted Choke/Divorced Choke Assembly, but it is actually more efficient in heating the coil up faster...
Most will buy an Electric Conversion from a Local Parts Source, and Convert it over to the Faster,More Efficient setup(Unless like me you like a Bit of Nostalgia, and your Willing to replace the old parts, with newer pieces, then just deal with a slight delay in getting up to proper Operating Temps)....