I recently turned on my old NES to find the red light won't go on at all. When powered on it shows black bars on the tv and a loud buzz through the tv speakers. Powering it off, the buzz goes away and tv goes back to normal (white snow).
I tested the power supply itself and it is outputting 9V as it should - first two solder joints on the board at the power port show the same.
Here's where it starts getting funky - When powered on, one side of the 7805 voltage regulator is showing 18V and the other is about 8.7V (center 0).
On the big blue connector I get...
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