There are magnetos with external coils, the mag provides the primary voltage and the coil makes it secondary high voltage. One way to check it is to hold the wires and turn the rotor, if it shocks you, it's a mag for sure.
I did that with a chevy V8 Vertex once. I didn't feel the need to test it again. It was all internal voltage with no outside coil, my Mallory mag had an outside coil