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OK, so if it has one terminal, and your truck is a '51 and still 6 volt negative ground, it works by providing frame ground to the starter relay. The contacts on the sides of the switch that hold it into the dash also provide that ground to the contact when the switch is depressed.
Yeah after poking around it's a 51 6V switch that just grounds the circuit. I'm gonna get a two-contact momentary switch and put in there for our 12v system.