If it has a brass float, I would check it to make sure it hasn't filled up with fuel. I worked on Ford F600-F800 trucks from the late 1970's with brass floats and they were constantly filling with fuel, sinking and the gauge read empty. They only lasted a few years in the 40-gallon tanks and then they would leak, fill up with fuel and sink. They are made from two halves of brass soldered together in the middle and they would leak on that solder joint. We would buy just the floats from Ford. Looking at the old float you could never see a hole, but they weighed a bunch and were almost completely full of fuel. For fun we would run a match around the float, and when it found the microscopic hole, they would shoot out a flame like a firework. We bought them from Ford and for some reason they came in packs of two, maybe because the trucks had dual tanks. There are a lot of suppliers claiming they fit '48-'86 Ford vehicles so maybe they are all the same. If it is the float, you should be able to get one fairly cheap. Check the sending unit first like others have said and if the gauge goes up then it's probably the float that has filled with fuel and sunk. You will also need a new sending unit gasket.