why no spark at plugs ?

OK folks, new rebuilt 1987 models 454/350 hp crusader, after putting it all back together I am not getting spark at the plugs. As far as i can tell i have good elec on the positive side of things. I have power at the solenoid, through the 50amp circuit breaker up to the ignition switch, through the 20amp breaker back down through the harnesses. with distributor contacts on flat part of the cam i get a good spark when i open them. when i pull the coil wire from the top of the distributor and place it close to ground, I get good spark between it and ground when i open the contacts. but all back together and no spark at plugs or no timing light flicker when I try to start it. New coil, new external resistor.
HELP , what am i missing?

Ayuh,... From the coil, the spark goes to the distributor cap, through the rotor, back out the cap, through the plug wires to the spark plugs,......

All of that is suspect,.....

you also might try turning the engine over with the distr. cap off and make sure it's turning.

ditto; and, if you can grab the rotor and turn it by hand, that's a bad sign... How did the distr. shaft coupler look during the rebuild?

thought an update was in order, well the points had good spark when i pried them open but as it turns out they where not opening at all on there own ! New point and fired right up . Thanks one and all

Now you know why most convert to the "electronic" replacements....