Agreed. Everything you see is due to die wear (deterioration). The obverse, especially IGWT, shows some significant effects of metal flow on the die. It almost looks like waves hitting the bottoms of the letters on their way out to the rim. The proximity of the letters to the rim on the obverse is also a telling sign--they move slightly outward the more the die wears.
I actually think the obverse die is in a bit later state than the reverse.
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