Steve has you heading in the right direction with his instruction.
All I can add would be for you to pull the cap off and observe the rotor while someone turns over the engine for you.
Although you likely are dealing with an electrical issue it will not take you very long to verify that the distributor shaft is turning.
A chewed up gear, sheared roll pin, broken camshaft, timing chain or gear etc while not as common of a problem do happen and could cause the symptoms you are describing.
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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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