Winnipesaukee Aquatherm uses that circulator design at my piling dock.
It's a simple but
very powerful rig with the motor suspended from the top bar. Just for the winter, those wires are manually strung above the water to timers mounted on a dock post: Romex
® wiring is used to connect to shore power.
I suspect it's
not old. I would expect the motor will still work, as the working units have that same rusty/crusty appearance. (And the same loose wiring).
What
that circulator is doing there may have to do with something I witnessed one spring: I noticed the ice—or perhaps branches pushed
by the ice—had pulled my circulator over. The propeller had dug a huge hole in the sand about 6 feet in circumference and 2 feet deep.
My guess is that the circulator dug its own grave by becoming inverted. The Aquatherm guy, who is equipped with a especially long boat hook, probably couldn't pull hard enough to retrieve it. If the wires were wrapped as you photographed them, then it was stored under the dock for the summer and got buried in some other manner.
As the units are rented, the owner may be interested in having it returned. Winnipesaukee Aquatherm: (603) 875-3864.
I think you've got a good circulator there!