OK, just to be clear, you are measuring the voltage from the DISTRIBUTOR side of the coil to GROUND, right? And you are making this measurement with the ignition on, engine stopped and NOT CRANKING.
If that is the case, and everything else is in order, you should see EITHER 1) battery voltage (points are open); or 2) less than one volt (points are closed), ideally less than a tenth of a volt with new points.
It sounds like you have seriously burned points.
Now, if you're trying to measure the voltage across the points with the engine running, then it's anybody's guess what you'll see. Assuming you're using a digital multimeter, most DMMs have a hard time locking on to rapidly changing voltages. You really need an oscilloscope to look at the point voltage on a running engine.
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Today's Featured Article - Tractor Generators - by Chris Pratt. As a companion to the articles on three-brush and two-brush generators, it seemed fitting that we should provide our readers with a description of how a generator works in lay terms. The difficulty with all those "theory of operation" texts is that they border on principles of electricity or physics and such. Since I know nothing of either, you will have to put up with looking at the common sense side of how generators work which means we "
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