This paper reports a study of HTS pancake coils without turn-to-turn insulation. Three no-insulation (NI) pancake coils were wound: each single and double pancake coil of Bi2223 conductor and one single pancake of ReBCO conductor. An equivalent electrical circuit for modeling NI coils was verified by two sets of test: 1) charge-discharge; and 2) sudden discharge. Also, an overcurrent test in which a current exceeding a coil's critical current by 2.3 times was performed, and analysed, to demonstrate that in terms of stability NI HTS coils outperform their counterparts. The new NI winding offers HTS coils enhanced performance in three key parameters: overall current density; thermal stability; and mechanical integrity.