This motor was recently purchased while I was traveling in the northern Midwest USA- it has only ever seen fresh water usage and has had LONG winter naps if not some that lasted decades. This Neptune Model WC1 is pretty much the second generation of Mighty Mites that were produced from 1960 through 1969. The serial number is F802 RS. I have no idea how to translate that into which year in the 1960s that this was made. The Mighty Mite was produced well into the 1980s with the only change being an automatic re-wind and plastic cowling!!
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These are super simple classic motors- the magnetos are very easy to work on and the coils rarely fail. IF they do then the standard OMC replacement coil (cheap, plentiful) will slide right onto this motors coil laminate once you remove the old bad coil. This motor has GOOD strong compression and and UNDAMAGED SKEG- two things that you can't say about all Mighty Mites! It is missing the tiller and there's one thumb screw used to tighten it down. The tiller for this motor was just aluminum rod- easy to reproduce. The motor HAS the often missing carburetor cover but the tire valve cap is obviously not the original carburetor knob. That can be found on ebay or the internet if you so desire.
I have not tried to gas this motor up and start it and don't plan to. The gas tank needs a good cleaning out- there is some very light surface rust going on that you will want to clean out of there and probably purge the fuel lines before attempting to run the motor.