It is in first class original condition. The small wheel on the left side of the top tube (above the petrol tank) is the tensioner for adjusting the belt; you slacken it when you store the bike, and tighten it if it starts raining while you are riding. It is rare to still find this item on a hundred-year-old motorbike as most of them were removed over the years.
The only unoriginal item on the motorcycle is the pedal arms: they should be round ones, but the ones fitted – which are still of Peugeot manufacture – have a square section. Everything else on this motorcycle is original specification.
Bear in mind this superb machine is 100 years old. If you are going to use it regularly it would be a good idea to service it beforehand.
Image and description courtesy BuyVintage.com