I ran into this issue today with a new to me car and motor that was running yesterday and only needed the distributor pulled and reset a tooth or two. The motor was running before changing the distributor location after the move I had no spark. I checked the coil for power and it has 12v with the points open and 5.85v with the points closed, car has a fresh battery key on power at the coil and crank and no spark from the primary system that is high tension lead removed from the cap and held to a cylinder head. To be safe I didn't know the condition of the points and condenser so I replaced both and still no spark. I may have been looking at this too long does anyone see what I'm missing thanks Paul.