Harry - I kinda doubt the problem is electrical. 12 volts at the high side of the resistor, about half that at the low side of the resistor and battery side of the coil, and 0 volts at the other coil primary terminal is normal with the engine stopped the breaker points closed. (If the points are open you should see 12 volts at all 3 places.)
Rather it sounds like you're dealing with a carburetor problem. Here's what I'd do:
1 - Make sure the breaker points (under the rectangular "tin can" on the side of the block) are clean and are properly gapped (0.020")
2 - Thoroughly clean the spark plug. Or better yet replace it with a new one. Before replacing the plug, connect it to the coil wire then crank the engine. You should see a fat, blue spark at the plug gap.
3 - Drop the bowl on the carburetor and clean it out. Check that the float moves freely and that the float needle shuts off fuel flow when the float is held up with LIGHT finger pressure.
4 - Replace the carb bowl. Now turn both the idle and power mixture adjusting needles in to their seats (gently!) then open each up 1 full turn.
That should get the engine running again. Then after the engine warms adjust the idle mixture screw for the smoothest slow idle, then the high speed screw for the best running/power at full speed.
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