I'm looking at the ignition coil on my 1962 Super 88. there's a small can strapped to the outside that's about the size of a points condenser. what is it? I'm guessing that it might be a bypass capacitor that's placed across (+) and GND to pass RF to ground.

 

Yes, it's your coil RF suppression condenser.

There are a few RF suppression condensers at various points in the electrical system, to alleviate popping, clicking, and whining on the AM radio.

- Eric