Like others have said, make sure all connections are good and remove the battery cables and make sure they are not corroded. Clean the battery posts. Put your voltmeter on the field wire going to the alternator and see if it fluctuates too. If it is still fluctuating you can eliminate the voltage regulator with a 7 ohm high wattage resistor hooked to the battery and to the field terminal. If it now shows a steady charge, your voltage regulator is bad. Auto Zone will check your alternator for free from what I hear. I don't know if they check voltage regulators or not.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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