Here another one from PCGS registry site where the water doesn't douche the legs. It seems more common in the 1878s versions but I found one on a '77 Looks like strike weakness all the way around the leg and foot.
This one looks like strike weakness, but the one you showed earlier does not. Perhaps it was polished off?
I’ve seen it on both 77 and 78-s I never really paid that much attention to it. I’ve never seen it in a type 1 obverse tho
The 1877-S has two major (so far) obverses. I never looked at the water level so I'll need to study this characteristic. On the two poster images the OP's coin is a 2M and the second image is a 2L. All this info is in the Gobrecht Journal. One quick pickup is the downward pointing single finger holding the ribbon. the 2M is straight and the 2L has a tiny spur at the tip.
IAs I posted, I never noticed the water relationship to the dress. For now I'll say it is nothing of importance (not a new type) and just a sign that the die was polished.
Thank you, Mike. I found an excellent article on the 2M/2L and split-tail types: https://www.numismaticnews.net/article/new-trade-dollar-type
It's a great coin for a type set The cleaning is not harsh, like so many you'll find. Quite attractive, also, at least to me. Don't be upset with the slab.