Welcome aboard. Nice that you're keeping the bike in the family. Amazing that these Hondas are ridden by grandchildren of the original owners. I like that. Maybe I can keep mine running that long.
The coils fire both plugs at the same time: one ignites the mixture at the start of the power stroke, the other ignites the other cylinder during the exhaust stroke. This way, you don't need a distributor (saves money, parts, and time).
If memory serves, one coil fires cylinders 1 and 4, and the other fires 2 and 3.
I'm guessing if/when you get it running in this condition, it's down on power and won't accelerate well at all. So, here's how to diagnose it:
Unscrew a spark plug from the engine, and lay it on the engine case. Crank the engine and see if it sparks. If it does, the coil is good and the wire is good. Do this for all 4 plugs.
If a single plug does not fire, here's what might cause that:
bad connection from the coil wire to the plug boot (might have to take 1/4" off of the end of the wire and reattach the boot), plug is internally shorted (try again with a known good plug), coil is intermittently shorted for that output (try again with a known good coil), ground connection on coil is intermittent (check and secure ground wire/bolt), or the problem lies elsewhere.
If both plugs on a single coil do not fire, here's what might cause that:
Bad coil or coil wires (swap with known good coil)
Bad connection at the coil (+V from points, bad ground for coil)
Issue with spark controller (check the sensor at the left end of the crankshaft, check the wiring from here to the coil)
It's a pretty simple system, but finding the problem is sometimes tricky. You can search our site for ignition issues. This problem has been there a lot.
Good luck, and keep us in the loop.
Luke M
Used to have a 1979 CB750L, sold it as a parts bike, now riding a slightly modified 1984 VT700C. Network/Field Engineer. Central OH, USA, Earth, Sol System, Milky Way Galaxy, Universe.