Clean/replace the breaker points. What you describe tells me the insulated side of points are permanently grounded or the point gap has closed down.
Re-set the clean points to 0.016">0.017".
The points are not "switching" the primary circuit, therefore voltage can't be induced in the secondary winding to fire the plugs.
Simple test for the coil itself:
disconnect all wires and leave disconnected. Measure the primary resistance between the + and - terminals, you want 1.4>1.8 ohms for a breaker point system.
Then measure from either the + or - terminal to the coil secondary terminal, that should be in the neighborhood of 4.8>6.5kohms nominal for a breaker point coil. That's not really important just for a "test", but it is important for matching the proper coil to an IH breaker point ignition system for the sv application. The numbers for a coil for an I-4 app will be slightly different.
