Quote:
Originally Posted by Celt
If it's actually a field coil speaker, the circuit may need an inductor to replace the coil when replaced with a PM speaker. Might check the DCR of the speaker too. Speaker impedances on those old transistor radios were all over the place back then. I wonder if the existing speaker is actually an output transformer and driver built together? Many of the old transistor radios used OT's. 
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That's probably what it is, there are three leads to the speaker rather than the usual two. I'm almost certain that there's nothing else wrong with the speaker other than those teeny iron shavings inside. The radio has great reception and is nice and strong, only the speaker has issues.