how many volts output from a 66 Mustang constant voltage regulator?

...the one behind the dash that runs the gauges?

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It's not a steady voltage. It's a pulse that varies with ambient temperature. The correct name for the regulator is the "instrument voltage regulator." Google it and you can find lots of help for troubleshooting. You will also find lots of information on how to replace it with a solid stare regulator. IMHO, it's not a good thing to do.
Al
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My 65 is 5 volts if the one behind dash for instruments

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