You want full voltage to the red wire, not resisted.
Those were known for a couple problems, most common was the center of the rotor burning through to the shaft, grounding the spark. Also the coil would burn through and short to the metal core piece. Try lifting the cap, see if there is spark coming from the carbon center when cranking. If spark is there, (and it will make a killer spark!) and not getting to the plugs, the rotor is probably bad.
If no spark, put the cap back on, crank it, listen for popping. If it's popping, the coil is shorting to ground.
Look under the upper cover, be sure the ground strap is connected from the coil case to the center terminal of the harness plug.
If no spark, no popping, gently tug on the 2 wires from the pick up coil. If one pulls out, it was broke where it goes into the pick up, replace it. Finally replace the module.
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Today's Featured Article - Upgrading an Oliver Super 55 Electrical System - by Dennis Hawkins. My old Oliver Super 55 has been just sitting and rusting for several years now. I really hate to see a good tractor being treated that way, but not being able to start it without a 30 minute point filing ritual every time contributed to its demise. If it would just start when I turn the key, then I would use it more often. In addition to a bad case of old age, most of the tractor's original electrical system was simply too unreliable to keep. The main focus of this page is to show how I upgr
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