I wonder if they are counter-bored, but with a "Normal" or "Heavy Nut" thread length.
i.e. the studs have a parallel section sticking out beyond the fish-plates before the thread starts.
Hence the top one with the circular spacer, as the stud was even longer.
It might allow them to be torqued up correctly whilst ensuring the shear load is on the parallel section of the stud, rather than the reduced area of the root of the thread.
Bill
Edited By peak4 on 03/12/2019 23:57:52