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The switch and or it's shaft have lubricants which have gummed up over the years causing the actual switch to operate slowly.
If you'll flush out the old lubricants with contact cleaner ( not the foam type ) while manipulating the switch, and with ac disconnected , it willl free up and operate normally.
If the solvent is flammible , let it evaporate a day or two before applying Ac again.
The loss of the lubricant will not cause the switch to wear out with the occational use most vintage sets receive.
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