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you have a self excitation alternator. When you were able to disconnect one wire your alternator was actually "broken" for lack of terms. Since you got it rebuilt they fixed that and it says excited. This is common in older alt. before the smart charging came to be.
Start the car unplug it and put a light 12vdc light bulb on the output side of the alt. It will be bright and then dim down bleeding off the voltage. Once it goes out you should read 0vdc output. If it does read 0vdc then the above is correct.
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