Yes the coin has a couple cuds, it is an example of a late die of the 1838 N-4. This is a photo from Heritage Auctions of a N-2 where the die crack has just started to form at 1:30. I have seen a couple of the late die state coins and this one has the most pronounced cracking I have personally seen. This die couldn't have lasted to much longer.
Correct on the 1797. The 1796 is S-106. The gap between the I and B in LIBERTY is wider than on any other Draped Bust variety I believe.
They’re definitely tough! I finally got a decent 1814 example from a buddy/dealer for around $150. Thought I had a pic but I can’t find it. I went to more than one coin show without a single Classic Head on the whole floor! The price tag I can get my head around, it’s just the garbage condition most are in that I just couldnt settle for. Tough to spend a couple hundred bucks on a road-rashed slick.
That makes sense since the blob over the E on the reverse isn't there. Definitely an earlier die stage/state reverse. I'm a little out of practice.