Cap -

Here is a file photo showing what I am talking about. First items ia a model 21 w/ separate "S" and 5 spacers. Second is a 7-5 low "S" w/ 7 spacer. Last is a 8-4 w/ low "S" and 5 spacer.

Obviously the 7-5 is a bit earlier and had some exposure as the stag has yellowed nicely as it was a carried piece.

I will have to look further but I think this characteristic seemed to be reserved to stag handles.