Luke is correct: it uses an
electro-magnet, not a permanent magnet. Without current flowing through the coil, there will be no magnetism present. As for testing, the coil should read up to 4 Ohms, or less. You could try applying a 9V battery to it, with some paper clips just below the coil: the current from the battery should be enough to create a magnetic field strong enough to at least move the paper clips a little bit. If you connect a full 12V to the coil, it will likely get warm, quickly, as well as generating a very strong magnetic field. Just be careful.
With regards to replacing it, you may be able to have it re-wound. Otherwise, check with local motorcycle junkyards for parts. E-Bay is always available, too. There are other forums, and a Google search on "rewinding CB750 rotor" (try variations of wording, more/less restrictive) may turn up some resources. Cheers!
1979 CB750K (sold, 2012, but not forgotten)
1983 Kawasaki 440 LTD Belt Drive (sold, 2011)
1993 Kawasaki Voyager XII