In the 50's, there were three kinds of valves available, the K valve, J valve and R valve. The K valve was a straight post type valve with knob on the top, the J valve, a modified post valve, had a knob on the top and reserve lever on the side; the "R" was a post valve with combined "on" and "reserve" built into a single knob on top. This unique valve had two outlets set vertically inside the teflon ring(before O rings). The smaller hole was for air supply, the other for reserve supply. Turning the knob all the way open allowed air to pass through the larger hole, thus releasing the "reserve".
By 1959, the R valve was dropped from the product line. Around this time also, a maverick inventor with the Waterlung company, developed a low profile valve with the "on" knob on the side and the reserve lever in the usual left hand side position. This is the type valve our novice friend is inquiring about.
Yes, for brevity we called the valves by their catalog letters and, in truth, I am one of those who started the practice. USD called those valves NON RESERVE, CONSTANT RESERVE and POSITIVE RESERVE. Strangely, with these new low profile designs, the valves themselves began to appear somewhat similar to their original catalog designations.
As a teenager, I had no idea, that 45 years hence, divers would not only continue to follow but extend this idiom.