This '47 GE actually has the coils under the main compartment with the compressor, prsumably with a fan to draw air across the coils. The entire unit is quite compact - even counter-depth if you will. No coils sticking out of the back.
My observation from looking at Energy Guide labels and such is that the biggest consumer of watts in a modern fridge is the automatic defrost mechanism. Older fridges like this one don't have such mechanisms, and so don't waste watts trying to melt ice while everything else is kept cool. On the other hand, energy will be expended re-cooling the fridge after a manual defrost is performed. On the other hand, as I recall, manual defrost periods allowed for a thorough cleaning of the interior, something that may not be done enough with modern frost-free units.
Additionally, the freezer compartment on this one is relatively small, perhaps just one cubic foot, vs. the five or more cubic feet devoted to the freezer compartment on a modern fridge.
Finally, the walls of this fridge are a lot thicker, and contain much more insulation, than those on modern thin-wall fridges. I understand that modern mfg's have gone to solid foam insulation instead of fiberglass, in order to save room and allow thinner walls, but this is sometimes with mixed results (on my modern KA top freezer, the solid sprayed-in insulation foam has shrunk, causing the outer walls of the fridge to bow inwards. Makes the curved stainless doors look all dented in). Modern solid foam also transmits noise better, so modern fridges may be louder than their fiberglass insulated predecessors.
PS-There was a genuine 20's era GE Monitor-top refrigerator being given away on the SF Bay Area Craig's list over the weekend... of course it went quickly. Not sure if the owner was aware just how much those can be worth!
What I like about this fridge is the retro look, of course. I don't think it will save much energy vs. the current modern one, which uses about 500 kWH/year (rated so, at least), and has been largely trouble-free (no defrosting needed).