Rick that's normal for the year. It's a typical early style o/b charging system. Stator has a separate low voltage charge coil built in that runs to a rectifier that changes a/c voltage to d/c. The higher the rpm's the more d/c voltage increases to the battery. Charge coil in the stator only put's out a limited voltage at higher rpm's. Hence no per say voltage regulator only a diode style rectifier (not a resistor) to convert a/c to d/c as well as blocking reverse flow from battery when engine is not running.