To expand on NGiles' previous comments about transferred letters, please check the following pic. I must apologize for Liberty's appearance - she had a terrible motorcycle crash and there's considerable road rash. It's the best pic I currently have of a letter transfer, though.
In the left red circle, first note the line slanting down towards the star, from her neck. This is a clash transfer of the edge of the eagle's wing, and is the best immediate sign that you're looking at a clashed coin. Second, right below that diagonal, note the two v-shaped lines. They're the bottom of the "n" in "In God we trust," transferred by the clash. The "st" from "trust" will, if transferred, show up in the right red circle.
These locations, varying just a little because of die rotation, are the same on all Morgans. The first line I spoke of could be as far up as the jaw-neck junction, and the example shown is about as low as it gets. The location of the transferred letters will vary proportionally to that line.
I urge you to check the obverse of this coin. Those multiple clashes (sometimes the dies came together a few times before they realized there was no planchet in there) indicate that the obverse could be heavily clashed as well.
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Catman, Gary Burke, Bigg Fredd, coinguybrian, numismo, Johnny54321 - CCF members emeritus, now part of Heaven's Own Coin Club.Our members sell on eBay!