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Presumably you have a pre-featherbed model, or you should have an alternator !
There is a slipping clutch which is to protect the fibre driving gear (which could of course be stripped).
If you remove the dynamo cover band, you will at least be able to check if it is turning.
I think it would be a good idea to get hold of a copy of a period workshop manual covering Lucas magdynos, because they set out quite nicely the various test procedures which are not that complicated and if you have a test meter then you are already a step ahead of most owners in the 1950s !
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