They are straight up 12V. The early coils for points type distributors also had an 'S' terminal on the starter. You hit the key, the coil gets it's juice direct from the battery since the starter is already killing off some voltage. You release the key, the coil gets juice thru the ballast resistor, knocking the volts down to 7-ish like you said. Keeps the coil from overheating.
The HEI coils can run 12V because of the inherent variable dwell (not to mention they're designed for it), whereas the older coils for points had a more-or-less constant dwell.
What's really fun is to hook a coil up to an 'old-school' turn signal flasher and a single spark plug gapped to about 1/4"+ and zapping your friends.![]()
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