i realize this post is old, but i would like to give the actual correct answer! there is a part called the condenser in all of these old moby's. its part of the points ignition system, its tough to get to cause its under the crank case, but then its easy and cheap to replace! (i got mine for $3.99 at autozone from a 1968 camaro) this part goes bad because it is weak against heat and vibrations, and wouldnt you know it, they decide its a good idea to put it inside the spinning part of the engine! the hottest most vibrating part on the whole bike!. i recommend rewiring it so that its outside of the crank case. if you want a tutorial for that, find a good moped forum and ask for help, but if you just replace it how it already is, it should work fine for like 10 more years or so.
Shane, May 2009