Re: 66' Mercury 3.9 hp no spark.
Your motor has a magneto - coil, points and condenser, with a magnet in the flywheel.
The age of your motor tells me the coils is probably okay - they had their stuff together by that point with the Phelon coils. If it doesn't show any evidence of cracking or arcing, it's probably good. The condensers are generally the weak point. You should be able to get a new one at a Merc dealer. Good idea to replace the points while you're at it. Check the spark plug wire for cracking, too.