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Using an Old Taycol
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There is one obvious way to completely avoid Taycol motor interference to the radio which is controlling it - use a modern 2.4 Ghz system. Any RF radiation from a Taycol is invariably at a far lower frequency, and even a cheap 2.4 Ghz will function with no disturbance whatsoever next to an completely unsuppressed motor.

However, note that RF interference carried through power leads may still disturb components like an ESC, and other nearby operators may be using lower frequency systems which are more prone to interference, so proper suppression should always be employed to avoid causing unwanted RF radiation.
Taycol Model Marine Electric Motors
Can Taycol motors be used nowadays?

The first point to make is that this motor design has been superseded by technological advances. Modern electric motors for models are smaller, lighter, have increased torque and speed, and use less energy. They also generate less RF interference. So there is no modern modelling application where these motors would be a first choice.

Having said that, the motors can still perform well, and would certainly be a good choice for a vintage model where authenticity is sought. Modern low-weight batteries might even allow some planing capability, though a modern motor will always out-perform a Taycol.

Before putting a Taycol into any radio controlled vehicle, you must remember that these motors do generate RF interference, so they must be strongly suppressed, for the benefit of yourself and all around you! This is fairly simple to do, but it should be done comprehensively. See the diagram below for details.
Suppression is fairly straightforward - a 0.1μfd capacitor between the brushes, and a 0.1μfd capacitor from each brush to the frame. If there is still a problem, earth the motor frame and wrap the brush power lines around a ferrite ring.

If you want to know more about interference, here is a rather more comprehensive discussion of the subject...
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Suppression
Repairing Worn Parts
Any Taycol you obtain, over 60 years since they were made, is likely to be fairly worn. Those that are still boxed and in mint condition are probably collectors items - not to be sullied by actual use! And of course there are no spare parts to be found since the factory ceased production.

However, Taycols had very few parts which were made using complex tooling. All the basic parts are easily created from stock materials. In particular, the brushes and bearings - the two parts which wear, were made from spring copper sheet and paxolin sheet respectively - with the Large motors using woven copper mesh. All these items are readiy accessible - you just have to know what shape to cut them into.

This data is available here at the Bearings Page, Brushes Page 1 and Brushes Page 2

Since you can keep making the parts of a Taycol which wear out, there is no reason why these motors should not be used continually, into the far future...!
One reason that the Taycols have a reputation for being difficult to suppress is that, unusually, they require their brushgear to be regularly lubricated. That is what the small holes in the paxolin plates over the commutators are for!

Normal motor brushes must NEVER be oiled. Bit if Taycol brushes are not kept well oiled they will wear and start to spark badly. The result is often that old Taycols have a major problem with interference, which can be minimised with a few drops of oil onto the brushgear and commutator.
Reversing Solutions