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floor shift part ????

Hi everyone.......just bought a 1992 740 turbo wagon. I was trying to determine why the overdrive button seem to do nothing, so I took out the center console. While looking around I found a part that looks like a coil with white tape/paper ?around the coil and a small button you can push in on the side of it.Also Wires lead to this part.Needless to say, the plastic bracket connectted to this part is broken, so it was just lying next to the shift. Anyone have an idea what this part is and function, and where was it originnally connected. It doesn't affect drivabilty as far as I can see. ......Thanks Don S







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