The reverse is shown by flipping head over date (normal coin turn). Notice that the eagle is flying upside down!
Alignment IV on J60/P65 is believed to be the terminal variant of alignment II caused by die rotation during striking. There are at least 5 variations of alignment II/IV known for J60/P65. For more on this, click here.
It is also believed to represent the original mintage of 1838 J84/P93 and 1839 dollars J104/P116.
Restrikes in alignment IV are also known for some examples of J58/P61, J61/P66, J84/P93 and J104/P116.