Re: 1995 40hp 4 cyl Mercury no Spark at the coils
The ignition switchbox on the motor has a Black wire with a thin Yellow line connecting the box to the wiring harness. This is the 'ground-to-kill' wire, the ignition switch or lanyard will ground this to kill the motor.
Disconnect this wire and retest for spark.
If still no spark then you will need a DVA meter to test the ignition components.
