Boscoe, Mercury OBs from the 70s had a battery driven CDI system, utilizing a Hall-effect trigger. This system pulsed the single coil with high voltage from the capacitor, to induce spark, and had a mechanical distributor. It was different than the battery/coil/points system you describe.
During the 70's Mercury slowly changed their OB lineup over to Alternator Driven Ignition (ADI). In this system, the stator charges a capacitor, and when the trigger signals, the high voltage from the cap pulses the ign coil. These system have 1 coil per cylinder.
The original poster was looking for voltage on the coil, which it will not have until it is pulsed. His meter may be too slow to detect the pulse. He may also think the battery has something to do with his ignition system, which it doesn't.