That is correct, the reverb switch replaces the speaker switch. It has F Reverb R on the switch which means you can select front speaker (no reverb), reverb (which gives you both speakers on reverb) or rear speaker (again, no reverb).
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1966 Strato Chief 427 4 Speed 45,000 miles
1966 Grande Parisienne 396 4 Speed Factory Air (1 of 23)
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