posted 11 years ago
It looks like chimney valve, which is open when fire is burning and to be closed when fire is our, to keep the heat in the stove. Some old pönttöuuni has two valves, lower is chimney valve and upper is for ventilation, and typically in that case there is rotating baffle in the top front of the pönttöuuni. It was also called as "tobakko smoking valve", basically you could by opening the top valve to vent room air into chimney, and still keep the lower chimney valve closed not to loose the heat from the stove. Nowadays those "tobacco smoking valves" are not legal in the new stoves, as combining smoke and room air to single chimney is considered fire hazard in case of chimney fire.
Originally pönttöuuni was merely meant for heating during the cold months, and there was no need to burn wood in the summertime, therefore originally the pönttöuuni was always storing as much of the heat as possible.
In modern times when some fireplaces are meant for creating nice ambience and not so much of a heating there are these bypass valves to get rid of most of the heat, this is a recent "fashion" and it has not been used in the original pönttöuuni.