Ignition Questions

I have a question about the ignition system. Went to check the timing on the car today (1st time) and the power cables to the light won't reach the battery, (not my timing light)so I checked the teminals on the coil thinking I could get 12v from there. Wrong oh great dumb one, there is less than 4v across the coil terminals. This can't be good, right?? I would think I should 12v on those wires. Am I looking at this correct?



I've been thinking of replacing the points/coil with a Petronics system to go to solid state and more output voltage from the coil.

The power to the coil on a points system is suppose to be around 9 volts at the coil. To get full 12+ volts for the timming light, I use the back of the alternater. there is a 10 gage red wire that comes up from the starter and attaches there.