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Does the odometer work? If yes, then there's a problem with the speedometer.
Otherwise, check the sender in the rear axle. Sometimes the wiring gets chafed by sort of a fancy wire-tie that was used to hold it together. If things are OK there, try pulling the instrument cluster and look at the speedo's circuit board.
There are a couple good FAQ articles, but I'm not sure how applicable they are to your specific car.
-Ryan
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Athens, Ohio 1987 245 DL 324k, Dog-mobile, E-codes 1990 245 DL 137k M47, E-codes, GT Sway Bars, GT Braces, Dracos 1991 745 GL 304k, Regina, 23/21mm Turbo Sway Bars
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