Yes, it is a simple seal. The seal is the same for both spools. I would try resealing it before going for a new valve. It may require measuring and matching the seal if the numbers don't cross. A dealer might be able to use the number in the book, I haven't found a cross for it yet. And when you get it off the loader frame I believe you will confirm it is dumping oil into the reservoir directly from the valve.
Check out my post of yesterday. I told you where, (the N tractor club library) to find parts and service manuals for 101/102 loaders that will help you until/if you want to buy the ones AGCO says are for it. That is where that drawing came from and the other pages of it will identify the key number items for you, as well as many more components.
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Today's Featured Article - Tractor Generators - by Chris Pratt. As a companion to the articles on three-brush and two-brush generators, it seemed fitting that we should provide our readers with a description of how a generator works in lay terms. The difficulty with all those "theory of operation" texts is that they border on principles of electricity or physics and such. Since I know nothing of either, you will have to put up with looking at the common sense side of how generators work which means we "
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