RTU Magneto Problems

I have a Fairbank Morese Magneto K4B4 on the 1946 RTU. We get spark on the points when we crank it without the cap on, but as soon as we put the cap on there is no spark at the plugs.
I have new plugs and wires already and the condesor is new. It looks like the contacts that hang down from the cap are worn, but I"m not sure if that is a problem or where to get new ones if that is even possible. Does anyone have any suggestions or help?
 
Bill, I can't remember the insides of that magneto but if it has a rotating disc that the contacts rub on the whole time then use a pencil eraser to remove the carbon trail. Check the contact from the coil to the rotor.
 

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