Please go through ALL of the photos here- there are TWO separate but identical 1938 Evinrude / Elto MOdel 4351 motors. First there are ALL of the photos of the first motor, then come photos of the second motor. BOTH turn over with strong compression. I don't think either one has a good ignition coil in it and one may be missing the coil as there is a notation on the flywheel. Other than that, the motors are substantially complete- I do see fuel petcock valve missing from one of the motors and there may be some other couple of tiny parts missing. But they both turn over with a nice healthy thump of compression, both have decent looking propellers and NO skeg damage.
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You're in for some ignition work and hunting up a few tiny parts to make both of these complete and operable again. The "book" on these small Evinrude / Elto motors is that the coils are almost always bad. There may be a way to retrofit a modern OMC coil into the old original laminate and get good spark again- cheaply without having to hunt down an obsolete used or very expensive obsolete new coil, if you could find one. I would refer you to AOMCI web site's "ask-a-member" section of the facebook AOMCI page to get a surer answer on the "can you retrofit a cheap new OMC replacement coil to an Elto Ace coil laminate?" question. I believe that there is a way as I remember reading an article about mid 1930s Evinrude single and small two cylinder models having coil issues and there being innovative solutions involving cheaper modern coils being adapted.
PLEASE refer to the photos- I'm NOT an Elto Ace expert. But I do know that this model is difficult to find in complete / near complete condition with promising gas tanks, etc. I'm pretty sure that an original reprofuction 3M vinyl decal (which really makes the motor stand out) can be found on the internet, maybe even an original water slide style but a lot of times 7-8 decade old water slide decals are just never going to apply well due to drying and cracking while in storage.