You have it correct. The type 1 shows the islands to the East of Florida. The type 3 shows part of the islands in the Gulf. The rare type 2 doesn't even look like islands, just a swirl and the tip of Florida points straight down to the South.
@mcshilling, as stated your first coin is a type 1 reverse and your second coin is the type 3 reverse. Notice how the island of Cuba extends to the left of the tip of Florida.
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