On the 1902 penny the high tide version has the line exactly where Britannia's ankles are crossed, the low tide is very slightly lower. I would guess that the 1897 is the same.
Edit: Guessed wrong. Tony Clayton has a picture here -
Look in the field to the right of Britannia at 5 o'clock, see the line where the water meets the sky? Follow it to the left where it meets her right leg. There are two prominent folds, the HT version seems to me to be level with the upper one and the LT version level with the lower.
Non illegitimis carborundum est. Excellent advice for all coins.
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