It means that the current from the phantom supply flows from the ground connection (XLR pin 1) to the balanced modulation leads (XLR pins 2 & 3), and not between the two modulation leads (XLR pins 2 & 3). The ribbon element (and more often, in other technologies, a coupling transformer) is connected between pins 2 & 3.
If there's something screwed up with the wiring of your mic cable or microphone - if, for instance pins 1 & 2 are connected together - you could draw current across the element.
The best way - maybe the only way - to test for this is to get another Coles set up for an A/B with your Coles. Maybe listen on headphones while you talk (or in Fletcher's case, mutter & growl) and compare the mics.
Very important that you mix up the identification of the mics! If you know which one is yours you'll "hear" the screwed-up sound for sure.
In my experience this exact failure is for the most part chimerical.
By the way, the failure mechanism that's happened to me on at least two occasions is that the sound of the Coles 4038 gets distorted - first subtlely, then more and more crunchy. For most of the things I do it's not a positive step.
George