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mercury 86 2stroke

You didn't specify the model or horsepower but....

Some models, particularly the 25 horse and under (which I am most familiar with) had high and low speed windings on the stator. The high speed (kick in) somewhere around 3000 rpms to supply power to the ignition at higher speed/rpms.

If your is such a model it could be the high speed side of things that is shot (not uncommon).

If you can get ahold of a timing light (and a buddy to help out) you can try running "live" with the hood off (on the water) and see if the spark cuts out/gets weak over your 2700'ish rpms.

If it does that may indicate that you have a stator issue. But do test before you swap - part swapping is potentially expensive if you continue to guess wrong.

Alternately, a shop - including any small engine place that works on 2 strokes - could test it for you.

There are also some resistance tests that can be done with an ohm meter that "may indicate" an issue. If you post up your model/horsepower and feel equipped to do a bit of driveway testing someone can provide you with specs...
 
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