it probably broke off.i would fit a new condenser. not expensive and its often a problem. clean up the points and dress with a points file.

magnetos need a good clean return path via the engine castings to work properly.
clean all the mating faces with contact cleaner or methylated spirits.
rub them with no2b pencil the graphite will help conductivity. only get it on the mating faces.
new plug wire are also a good idea. need proper tinned copper plug wire not silicone suppression.

Aha! Good news on finding a probable cause. I was thrown off track by your original post "spark is not an issue" I was looking for other possible reasons.
Good luck,
Craig

Just put in a new condenser after the old one failed a test. Pony motor is now reliable, firing in about 2 pulls. Thanks for the help guys

Good result, thanks for letting us know.