Is the third prong on an old dryer or range a neutral or a ground??? 

Wow only 25 coming so far. OK I might have to subscribe. This makes complete sense. That's right we added the ground which explains why previously and probably wrongly so it was common to attach the metal of the appliance to the nearest water pipe which used to actually be metal all the way out. Also thinking about that now if that was also bonded in the electrical service somewhere and in the appliance then you're sending current over the ground!

This also explains why in my old house they use 3 wire with ground for the dryer and I was able to upgrade to a proper plug for the new dryer. At some point running 2+G really just became a way to cheap out.

It's a neutral, used as a ground. 😅 It's neutral because 120v components need the neutral. It's used as a ground because it is tied to the metal chassis of the dryer. It's fun when a timer motor starts to fail and puts 10 amps or so on the neutral and you start seeing a measurable voltage on the dryer chassis.

I wish that jargon separating 'grounded' from 'grounding' was extinguished. It's easy enough to memorize, but unnecessary! If we consistently use the terms 'neutral' vs 'ground', everybody will know what we're talking about.

I think it's both neutral and a ground,if it's three prong plug and a four prong plug I think 2 hots isolated ground and isolated neutral.

Good job explaining it!

The electronics may only draw 1/3 of an amp, but proper grounding is still better for the reliability of said electronics.

Correct me if I'm wrong, wouldn't using 10-2 NM (even wiring the bare earth 'properly' to the neutral bar) introduce a fire/shock/ground loop hazard? Returning current on a neutral will 'go elsewhere' wherever there's a potential difference. -Say... like rubbed-through outer insulation into a metal box, copper plumbing pipe, etc? At the very least, the 'old wild west way' seems like a high-risk for ground loops and other whacky electrical hazards...

Although officially 10-2 w/G NM was NEVER permitted for dryers, from my experience while doing renovations and speaking to retired electricians who were in the trade in the 1970s until recently, there were some AHJ's that were kind of the "wild west " if you will, that permitted 10-2 NM for a dryer, allegedly on the theory the ground in 10-2 was 10 awg, and therefore no different than the bare neutral in SEU cable when originated at service equipment. Each and everytime I ran across 10-2 NM or SEU cable for that matter, feeding a dryer during a remodel in which the drywall or what have you, is being removed, I rip that out and use a 10-3 NM

So you are one of them political correctness kind of people. On older homes like back in the 70's the ground and neutral were one in the same. They were not required to be separated until much later. So no one is either correct or incorrect by calling it the ground lug. In today's homes that would not be legal to install and code requires 4 wire installations. So a dryer today will get 4 wires L1,L2,N,G.