Tom,
This is a semi-wild, semi-educated guess, but you might have a "J-valve" ,with function as accurately described by Rick.
Does the knob opposite the "on /off" knob have anything that looks like an attachment point for a hook ended rod?(a small hole or "eyelet"?)If so, that would be a stronger indicator that you have a "J valve". I also remember being told that the "other" knob was there for ease of carrying- but that always sounded a little strange, as we were simultaneously being told to not carry the tank by the valve.
OD, I hadn't heard the "catalog" source for the names of the different type valves before this. I recall being told that the J valve got its name from the shape of the rod used to activate the reserve PSI in the tank, and that the "Y valve" and "H valve" were so named because of their shape. (I must confess, I've never seen an H valve, so I can't judge the accuracy of that part of the claim.)
In any event, its interesting how these different interpretations occur.
Take care,
Miked