If you look at Shane's first photo, it's the round disk on the bottom of the boat.
On my 1982 32' it's located close to the front of the port engine.
The center 2" disk is the reference electrode. The larger 6" disk is just a plastic insulator.
If your anodes are working properly, they will generate a slight electrical charge as they corrode and sacrifice themselves.
Ions from the zinc or magnesium anode will travel to the positive terminal, which is any metal that is more noble.
Aluminum is more noble than magnesium and zinc, so anodes made of those 2 metals will protect our aluminum hulls as long as the potential (voltage) is within a certain range. Below that range and the aluminum is not fully protected. The aluminum starts to act as a sacrificial anode "protecting" other more noble metals like stainless shafts, brass or bronze, by corroding and shedding aluminum ions. This is what happens if a brass cutlass bearing is installed by the boatyard instead of a phenolic or non-metalic bearing.
Look at the pictures of Jeff's bottom. Um, let me rephrase that. Look at the pictures of Jeff's hull.
If the potential is above the safe range you are creating a "battery" that is too big. You have too much anode surface area or you are using magnesium anodes in salt water. That causes the current to pull too many ions from the anode and push them to the aluminum hull. The hull and anodes are no longer polarized (electrically ballanced) and you have begun to electroplate the aluminum with magnesium or zinc.
Sandblasted, barnacled and painted-over Capac reference electrodes can be salvaged as long as the silver disk or screen is still there.
Once you remove the barnacles or paint and get down to the silver, you can use ordinary salt to deposite the chloride back on the silver.
I'll try to attach a diagram of the electrode.
pfhlaw attached the following image(s):
Peter
1981 32' sedan bridge
twin Chrysler 360 cu. in. 250 hp engines
Raw water cooled
Nimbus II
Home port: New Buffalo, MI