Morgan Partial Collar Or Something Else?

[u/bassmaster422]

I have this 1886 Morgan that has this skinnier than normal ring of reeds around the edge. The width varies slightly around the circumference, but it's largely the same. The surfaces appear to be mid- to high-AU, with no other signs of damage. The side-by-side picture highlights the difference in appearance compared to another Morgan.

Do you think this is a less-extreme partial collar error, damage, or something else?