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 - Uncle Cecil's Super A Lives Again - by Mike Purcell. A week or so out of most of my childhood summers was often spent with my Uncle Cecil and Aunt Sissie in the small East Texas town of Maydelle on their 80 acre farm. Some of my fondest memories of these visits are those of learning to drive a tractor at the helm of Uncle Cecil’s 1948 Farmall Super A. Uncle Cecil was the second owner of this wonderful little tractor, but it was almost as though he had adopted an infant. The original owner was a man from Minnesota who bought her from a local dea
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