Battery voltage is applied to the coil, and the other side of the coil is connected to the ignition module. When the ignition is "ON", but you're not cranking the engine, the module is supposed to shut down the coil circuit, so not current is flowing. When you crank the engine, the module senses this, and turns the primary current back on. It sounds like the module has "fried", and is shorted, making full current flow through the coil at all times, without even interrupting it to make ignition sparks. When you turn the key "off", this coil current is shut down, making ONE spark. Replace the ignition module, being sure to clean the mounting area, and use the supplied heat conductive grease. On an older vehicle like this, often I replace the ignition pickup coil, also, because the years of "baking" over the hot engine can make the insulation fail, causing intermittant stalls, or no-starts. That requires removal of the distributor, though, and re-timing of the ignition. If the module HAS failed, it may be just old age, but a bad spark plug wire can cause electrical spikes that can take out a module, too.
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