looks like the old effigy. The colon on the obverse after IMP at the six o'clock position is closer together on the old effigy. Also the denticles are more pronounced on the modified. See http://www.treasurerealm.com/coinpa...e_halfd.html for a side by side comparison
I've just looked this one up, the modified effigy has no stops and the BM (not B.M.) appears well to the right of the base of the bust. I like wwhitman's explanation of the difference, as the BM may not be distinguisable on lower grade coins but the denticles and colon stops give it away.
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