I'm going to first assume it is an old style and not a newer one with the Uhlmann insides and also that you have an original connector at the fencer end. As with any reel, go the easy route and don't open it up unless you have to. There are exceptions for periodic cleaning, but I will go into that later. Check out the wire and make sure that is not the problem first.
Pull out a couple of feet of the wire and put a slipknot into it so you can work on the connector. Have something to put the parts into, something to test each line separately, preferably an Ohmmeter, but you could use even a fencing machine and two working cables with banana plugs each end. Test each line individually A to A, B to B and C to C to find out which is the problem. If you have an Ohmmeter the maximum you want is 3 Ohms.
Note: The C line is grounded through the case, so the work on that will be slightly different in some aspects.
First take off the balen that holds the body cord and then take out the screws holding the connector together. Pull out the connector carefully and make sure all the wires are connected. If you find one or more disconnected, you will need to solder it back on. If this is the case, you may have solved your problem. Test again if each line is good.
If not you will need to turn it upside down and you will see screws in the bottom. Remove them. When you take off the cover make sure to hold the wire so it does not spin and damage the spring. Release the tension on the spring by grabbing the guide (it has a prong to keep it in place and let it unwrap slowly counterclockwise. You will see two wires go into a plastic piece in the center. This is the commutator and is supposed to be lightly oiled on a yearly basis.
Check at the where the wire goes in and test from each end to see on which end you have the problem. You will be testing the A and B lines only. There are screws that will release this. When you release it and pull it out check to see if the wire broke on one of the connectors. This does happen without lubrication. None of this will involve the spring. If this is the problem and you are very good at soldering you can reconnect the wire. The problem is it must be a good clean small solder joint as the reel spins around it.
If this does not do the trick, contact me at
DHCJr@juno.com