Good eye, Lori --
As you say, it's 7 tf with the "third reverse" as listed in the Red Book. The "third reverse" has a slanted top feather on the arrows.
I'd grade your coin a strong VF. Again from the Red Book: "VF-20 Very Fine - Two thirds of hair lines from top of forehead to ear visible. Ear well defined. Feathers on eagle's breast worn."
Here's one like yours that sold on eBay for $38 US dollars. Actually, I like yours better than this one:
So, if you sold yours to a collector, he or she might pay $35 to $40. A coin dealer might offer you $15 to $20 for your coin.
Morgan dollars contain 0.773 troy ounces of silver. At today's price of $25.73 per troy ounce, that's $19.89 worth of silver.