No magnets in the armature, just winding's.
If the the windings are not shorted or open it is fine ( A growler test and meter will tell the tail there, and a new set of bushings will take care of the bearing problem if the armature shaft is not too undersize.
If the field coils are open or shorted then they need replaced if just the insulation is bad, a coating of glyptal will fix that most times.
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