I've got one of those (a '69), and It'd be a long shot to say that coil failed.
You need to check for spark, with a fresh plug in the boot, held to the engine, and kick it over.
If you're running it with no battery, expect weird things to happen. Also, because that carb is on an angle, if the float level is too high it will dump raw gas into the cylinder and flood. The electrical systems on that bike are insanely simple, and unless you see evidence of the old owner having cut stuff up, don't mess with the wiring till you eliminate other simpler things.
it's an AWESOME bike by the way. Super fun , economical and useful.