I didn't check the whole thing, but it appears the Morse Code inscription starts at 6 o'clock and moves clockwise. Is there any significance to the fact that each word starts with W?
You're right starts just under the N in Cents and goes clockwise; I remember when I ran across one when I started collecting in the '70s & my father telling me about the Morse code message (which I then had to write out and translate; must be why I still remember it after all this time) & the V for Victory being done in support of the war effort but don't recall if he mentioned where the 'We Win When We Work Willingly' came from or why all the W's. He did say at the time they came out (he would've been 10) he wasn't even aware there was a Morse code message until years later when he read about it;