That coil must have gotten extremely hot at some point. You need a new one. Buy a 12 volt coil without internal resistance and use a ballast resistor. If you have a stomp starter, you should put a 2-pole starter switch on it, and wire it so that you will have 12 volts coming from the side post on the 2-pole switch directly to the coil while the starter switch in depressed. Once the engine starts and you take your foot off of the stomp pedal, the 12 volts to the coil will then be diverted through the ballast resistor, giving you around 9 volts to the coil. Without the ballast resistor, your points won't last until next Thursday.
You need to inspect the condition of the points in case the engine was run without a ballast resistor prior.
