40ci boxer no spark

[ivanstaters]

I got a Montgomery wards tractor with three point and pro the way it sits its worth $600 but got it for $25. Hasn't started for 30 years and it wipped over fast but no spark. Could it be that one wire coming off the magneto? It's going to be work getting to it so I want to know. Both magnetos have no spark. But when the key turns off how does it cut the spark. And do coils die? Thanks