I have this Tiesco pickup I'm trying to patch up for a buddy that has intermittent operation (the pickup, not the buddy). It's not the typical gold foil you see around; quite a bit different. I pulled it apart to look for a bad solder joint or something, and it's got really strange construction methods going on in there. The ground lead is soldered to the casing, the coil is wrapped in paper, and the hot lead just floats; it's not actually connected to anything, and it sure looks like it's meant to be that way. The hot lead wire is stripped about 1/4", tinned, but has not been crimped and looks likes it's never been attached to anything. The stripped portion of the outer jacket has been inserted over the hot lead to keep it from shorting to anything. There is no evidence of a physical connection with the coil at all.
Anyone come across these before and have any troubleshooting tips? The metal band that runs perpendicular to the coil seems to have something to do with the intermittent operation, but nothing I can measure with a DMM. Twisting it or applying pressure sometimes brings it to life. The ground connection is solid. I suspect a broken winding, but would like other opinions.

Thanks!