It looks like a PO has added a regulator onto the end of the tank. Normally you'd have the adjustable regulator up top where by where your other gauge is located. The reason it's not there is most likely because of possible interference with the spinning belt. Doesn't matter. What you have is perfectly acceptable. The good thing with having it this way is that you have two places that you can connect an air hose...either up top or down on the end at the regulator. The regulator will control the air output at whatever pressure you decide to set it. Need 120 psi? Tighten the T handle and watch the needle go up. Let's say that you are running a spray gun and it needs to run at no more than 20 psi...loosen the T handle and you have a regulated 20psi at the hose. The gauge on top if the unit is your actual tank pressure. The gauge on your regulator is your regulated pressure. If you unplug compressor and let it leak down, eventually the tank pressure and the regulated pressure will become the same and both gauges will eventually fall to zero. If they are both at zero, your tank is empty. It will make more sense as you use it.