Hello Glenn,
It's possible. It has most certainly something to do with keeping the current on the same level.
I've fiddled a bit with the contact, and now the light bulb gives a very faint light. Taken out of the circuit it shines very bright, so it isn't the light bulb or the contact, that's for sure. Anyway, it could be a resistor, but I have never seen something similar. But I guess it must have some color code. because on the picture, you can see another similar one, being red, with a black horizontal stripe.This one is yellowish with a white stripe.