This is Obverse 5, reverse C - Freeman 532. The fault in the G of REG and the broken base of the E confirm this. All 1875H farthings for this year are reverse C, so not variation known there.
"Value?" - It is not in great condition and is not particularly scarce. In the UK I would sell it for £1 - maybe £2 if someone really needed it. Will make more in the US and Canada as they come up less often over there.
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