YES 12 volts on both sides "at the "proper time" which is ONLY when points are open. When they are CLOSED there should be ZERO volts with respect to frame ground on the coils output (to distributor)
"The coil body isn't grounded, right?"
The coils outer metallic core/frame doesn't matter if its frame grounded or not.
So, when you ran through my Troubleshooting Procedure I linked for you below, did the test lamp go ON when points are OPEN but OFF when they are CLOSED?????????
If you use a plug wire out the coils top HV tower, thereby by passing the cap and rotor, and use a spark plug with its threads frame grounded or place the other end of the wire to within 1/4 inch or so off frame ground and turn her on, each time the points have been closed but then they open IT SHOULD SPARK, does it????????
Run my Troubleshooting Procedure and let us know what happens, that's about all we can do for you from here.
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