The little item connects to the ignition coil on my ‘53 Buick Super. 322 V8. I just replaced the coil, which had a meltdown. When I connected the battery, this mystery part started smokin. Anyone know what it is... and what might be wrong?

 

Possibly a ballast resistor. Will get quite hot (supposed too) and is used to lower voltage to distributor contact points, makes them last longer.