Points ignitions are not really as reliable as electronic, that is why they are not used as much anymore. They do have some similar parts as the electronic ignition, such as the ignition coil, but they also do have points connectors, condensers, etc.
If you have a points bike and it is not sparking, get a new set of points. They are replacement parts anyway as they do wear out, and honestly you can squeeze a little more life out of them by scrubbing them up with some sandpaper and cleaning them, but it will generally be best to replace them if you want a reliable ignition system. Only a couple bucks anyway.
Here is how to install and gap them appropriately:
One last thing, you may find that you have a timing advance on these bikes, either mechanical or vacuum. Mechanical is far more common. It is a little device which is located behind the points plate. Take it out, assess its movement, and lubricate it. If they rust in place they will cause a lot of running problems.
These old points systems are simple and rugged, they are not made of circuitry which will fail randomly. If something goes wrong with your old ignition system, chances are you can mess with it a little bit and get the bike going well enough to get home. Even if your bike is working properly, it is a good idea to open up your points cover and take a look in there, familiarize yourself with all of these parts in case you need to make a roadside repair somewhere down the line.
