The alternator is not the problem if it is charging that high; the alternator is working. See what it charges at at fast idle, probably is closer to 16-17v. Don't run it long like this or it can boil the battery dry.
Your problem with the 2 field wire alternator is that either:
1) the regulator is commanding the alternator to full, unregulated output; this is often due to too low a voltage getting to the voltage regulator power feed and the VR always thinks the system voltage is too low.
2) something is grounded on the control line of the field wire (which will make the alternator put out full juice) and the VR is losing control of the alternator due to this
3) VR is internally shorted
4) there is an internally ground on one lead of the alternator
4) the system is miswired or possibly there is a bad VR, connection ground or otherwise. SInce this has never worked right, this is the likely issue and it took out the 1st alternator.
Is this a VR-88 model regulator?
First, disconnect both field wires from the alternator and measure the resistance from both terminals to the alternator case. This should be avery high reading (many thousands of ohms), but if it is very low then there is a ground on one end of the field. Sometimes these come bad from the rebuilder. But this is not likely it, IMO; it just needs to be checked to eliminate this possibility.
Then, with your voltmeter and the field wires reconnected, measure the voltage at both small field terminals on the back of the alternator while running, referenced to battery -. It should read very close to battery + voltage on one terminal, and a few volts lower on the other. But, I bet you will find that one wire is at full voltage and the other is 0 or close to 0. Please let us know what you measure.
BTW, I can't find wiring diagrams for this Ron Francis system to help in this; if you know where to look, let me know.
Thanks... I just got home and did a quick check, so I can answer some of the questions.
Yes it is the VR-88 regulator.
The original alt was a 2 field alt, but the previous owner had only 1 field wire hooked up. I grounded the second field wire but still charging only at higher RPMs.
When I went to install the new alt, I realized that the main red power lead from the alt to the battery was loose, this may have been the problem in the first place. I didn't bother to tighten down and check before I swapped it out for the new one.
The battery was left on a trickle charge until full and is reading 12.65 volts
I checked the resistance from negative batt terminal to case ground on the VR and it reads 0.3 ohms (less than 1 ohm) I suppose this could be better, but I wouldn't think that was a bad ground connection.
The resistance between the 2 field wires was 166k ohms.
I haven't checked the voltages on the field terminals yet.
I am on my way to the auto parts store now, to pick up a new VR. I will take my old alt with me and my battery and have them check both.
- - - Updated - - -
Which Ron Francis kit did you go with? I'm asking because I'm considering buying one for my 71 satty.
I went with the Access 24/7, but I actually would not buy that specific kit again for 1 reason... The connections at the fuse block are all hard wired which means you have to be perfect with your cable runs, because if you end up with too much slack after you terminate the ends, you can't shorten them up without cutting and splicing. If I had the dash out of the car when I did it, maybe it wouldn't be so bad, but I didn't and it was a pain in the butt. I would however recommend Ron Francis kit from a quality standpoint, it was a good kit overall. I would recommend the Express series, as it is basically the same except with screw in terminations.