The coil + wire is either faded/color changed from the heat and age, or it was a different color to begin with for some reason.
It's also possible, as we found out here recently, that it is indeed the resistor wire. For as long as I have been working on Broncos, the resistor part of that circuit was always under the dash, between the ignition switch and the firewall. On the exterior side of the firewall it was just normal wire.
You can easily verify what yours is with an ohm-meter. Unplug the 3-wire connector, dosconnect it from the coil, and measure resistance.
One of the others will have to let you know what to look for, but basically if the resistance is very low, it's normal wire. If it's unusually high for such a short length of wire, it's a resistor wire.
Of course, there's another way and that's if you do happen to open up the tape a bit, it should actually say "do not cut or splice - resistor wire" right on it.
And yes, the other two are for the senders.
The firewall/chassis side of that 3-wire connector should also have a second wire molded right into where the Red w/green wire runs. This is your Brown wire from the starter relay that give the full 12v jolt while the starter is cranking.
You may read 11.88v now, but you need to put some kind of a load on that wire to get the correct voltage reading. It takes heat and time to build up it's full resistance.
So unless you add the load, reading the ohms is a more accurate way to determine wire type.
There is a position where the points are open or closed (closed I think?) where you have current traveling through the coil and heating the wire up. Someone else will have to tell you the correct orientation though. I'm not sure.
But that load plus a few minutes with the key on should also heat the circuit up enough to tell you if it's a resistor circuit.
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The Black wire of the Ignitor always goes to the negative side of the coil whether a resistor is used or not, or if a 12v coil is used or not.
The Red wire should have 12v supply for sure. But all the time, which is why you should still verify that it's not a resistor wire.
And yes, if you verify that it's a full 12v with no resistor in the line, then yes you can put the Red wire to the coil + along with the Red w/green (or Brown w/black) wire.
Paul