The clutch works on metal-to-metal contact. If the magnetic force is too weak, it may appear to engage, but not be clamped together tight enough to transfer any power to the belt. The clamp force is pretty incredible. Your voltage at the coil should not be less than 11 vdc at the coil with the engine running and the PTO engaged.
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Matthew B 
1972 129 w/hydraulic lift and head light option soon to be repainted
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