'Face-cam' operation, Richard, as you just figured, using a static plate (except some AR movement) with depression carefully machined in, and a short pushrod to open the points axially (in line with armature axis). When the pushrod base is in the depression the points are closed to charge the coil; when they come off the dip up the opening ramp, bang, points open against their sprung blade, and voilĂ ! Simple and fairly bullet-proof - and good enough for most Goldies, so can take a bit of stick too. (I can see why they dropped it too, but to be honest, it works really well.)
Found on all MO1 magdynamos (so that's most of our sister beasts in the B series), also on standard N1 mags for singles (but not Comp versions which have 'our' system).
Originally a design from ML, which Lucas acquired about 90 years ago. (A good buy, ML was a smart bunch of guys who made things that were up there wth Bosch in some cases.)
Lucas magdynamos pre-MO1 (eg MN and MS series) used the same rotating assembly we are used to, for singles and twins, and so did the 4 cyl car ones (with rotating coils).
All very anoraky stuff, but there's actually some good history in all this, going back to the Great War, the breaking of the Bosch patents, the development of the UK, US (American Bosch) and other allies' industries etc. A fascinating off-beat mini-history of military development, commercial intrigue (and gradual technical improvement), but starting from an incredibly strong base, thanks to that superb German engineering.
If I was asked to nominate a product that did exactly what it said on the tin, from Day 1, with very little need of future mods, I'd put the early Bosch high tension magneto in a very special place. They are extraordinarily good. There's a short book in it somewere - but there'd only be a handful of readers probably!!