Re: 1969 85 HP Cap (Ring Style)
I guess you are talking about the distributor cap? It works like any other distributor cap. There are 4 brass segments connected to the 4 spark plug wires. The rotor receives the spark from the coil and points to the correct segment to direct the spark to the proper plug.
You test it with the probe found on most commercial coil testers. Otherwise, just a physical looksee for cracks, dirt, carbon trails, pin holes, etc is the best you can do.
It is expensive because they can.
EDIT: I just read your previous comment about it being rotorless. Of course it is supposed to have a rotor. How else could it work?