Norm K, it might be the chip. I can't see how the magnet could fail. I might try a flywheel off a working side pull to be sure.
Meanwhile, here's a Victa twin with a difference.


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IMG_20181007_183522-1000x563.jpg (61.5 KB, 123 downloads)

Ahh, if only victa had kept producing the thumblatch catcher series, they would be in better shape today!