Yes there are. I found one (MS66 no less -- NGC) and sold if for about 200 buckaroos. A dropped letter is when a letter on the die is filled with gunk, and that gunk falls out onto a planchet and is thereby put 'on' the coin. This one was the G from God.
I've always known them to be called a dropped design error. As in your example the design is a letter and it's inclused as it should be. In the OP's coin it is not inclused therefore it's a dropped nothing.
As I said, I always known them as a dropped design. I can only guess that with the higher numbers the Mint is producing it's becoming more common place. It's obvious the terminology in this has changed and I am behind the times.
I have a penny that I'm trying to get some more opinions on, but I dont know how to make my own forum.
Click the Forum box, scroll down and pick the correct forum. Once you click the right forum a small blue box on the right appears that says Post New Thread. Click that and follow what comes up.