Having a magnetic field on the back of the alternator only means that the field coil in the rotor is being energized. You must have this magnetic field in order for the alternator to work but having the magnetic field does not mean the alternator must be working. The magnetic field is an alternator input, not an output. A problem with the stator or any of the diodes can reduce or eliminate any charging voltage output. A bad diode can also cause a poor output wave form or if it is shorted the alternator can output AC current. That could also cause your meter to go whacky.
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Today's Featured Article - The Fordson F Ignition System - by Anthony West. A fellow restorer contacted me earlier this year asking for some help and advice on a model F that he was restoring. He had over a period of months spent a fair amount of his hard earned cash on replacement parts for the old "trembler" ignition. Sadly though all his efforts seemed to be a waste of time and money as he still couldn''t get the temperamental old thing to run correctly!! If i said that this was a little frustrating for him that would be "conservative" in fact the problem had reduce
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