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 - Field Modifications (Sins of the Farmer) - by Staff. Picture a new Chevrolet driving down the street without it's grill, right fender and trunk lid. Imagine a crude hole made in the hood to accommodate a new taller air cleaner, the fender wells cut away to make way for larger tires, and half of a sliding glass door used to replace the windshield. Top that off with an old set of '36 Ford headlight shells bolted to the hood. Pretty unlikely for a car... but for a tractor, this is pretty normal. It seems that more often than not they a
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