1797 Large Cent S-124 R5+ Verification!!

Edweather thanks for your insight! I used other markers to identify this coin, including the mark to the left of E in AM(E)RICA.
I also took notice to the fact that the leaf point is under the right half of the left foot of M.
It also has clash marks underneath her chin.

Your concerns are valid and I hope an expert will chime in soon because I want to confirm what I have here.

In my opinion it is an S-124.

The Encyclopedia of Early US Cents mentions it is often confused with S-139, however, this one seems to be correct, including the points mentioned, as far as I can see.
VF30 details would seem a good starting point to net grade it.
I saw this one go by and I think it was a good purchase all in all, in spite of the severe corrosion/pits.

Here is my low grade example of S-124 for comparison.
This variety seems to come up very often with grainy reverses.

Thank you Buckwill311.
As you mention, S-124 is notorious for rough surfaces, which are often grainy. Specimens with nice surfaces are very rare. I am happy that my example, although it is in low grade, shows a nice smooth obverse with graininess limited mainly to the reverse.

Concerning the rarity of S124 as a whole, my feeling is that it is more like an R5 by now. It started off as an R-7 or so. However, over the last few years I have seen a few (including I some sold via EAC), which leads me to think it is closer to R5 now. Still a very scarce coin!
Your example is difficult to grade: it has VF30 details, or maybe a bit higher. However, it is extensively pitted. I would place the overall net grade at about
G4 'scudzy'. Overall, the price you paid is about right. I would have paid it if I was looking for one.
I am sorry I cannot help with the die state. My eyes are not that good.
By the way, If you are into early large cents, I highly recommend obtaining a copy of the Encyclopedia of US Large Cents.