OK, just to be clear, you are measuring the voltage from the DISTRIBUTOR side of the coil to GROUND, right? And you are making this measurement with the ignition on, engine stopped and NOT CRANKING.
If that is the case, and everything else is in order, you should see EITHER 1) battery voltage (points are open); or 2) less than one volt (points are closed), ideally less than a tenth of a volt with new points.
It sounds like you have seriously burned points.
Now, if you're trying to measure the voltage across the points with the engine running, then it's anybody's guess what you'll see. Assuming you're using a digital multimeter, most DMMs have a hard time locking on to rapidly changing voltages. You really need an oscilloscope to look at the point voltage on a running engine.
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