What you have is a work around repair from someone who didn't want to send it to a mag shop or couldn't find one.
If you remove the magnet from the mag it should hold a good sized metal screwdriver across the ends. But thats not really a good test.
What you need is a new H4 coil and your magnet recharged with a magnet charger. A good mag rebuilder, like Nebraska Kirk, has a magnet charger and the parts you need. A fully rebuilt mag will give years and years of reliable service with just light oiling and general maintenance.....Not sure what he charges for H4 mags but its worth every penny.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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