V,
They are both installed so that water can go down, but not up.. I can't see in your pic where they are actually installed, but based upon the direction of allowed flow, I'd say they are on return lines. My guess is that one of them is to prevent your spa from draining back into your pool when the pump is off, and the other one does the same for maybe a waterfall..
The black Jandy valve has a replaceable flapper inside and an O-ring under the clear lid. If it were bad it would leak or not control the flow.. I assume the older ones is about the same, but I have never seen one of those in person..
Thanks,
Jim R.