I have two 1924 fenders - they have the lip on the front and the double beads where the side splash apron is. However, the inner panels of the two fenders are different. One has a very distinct raised panel while the other has a much more smoother panel. All of the fenders I have seen seam to be the smooth style. Can anyone tell me if the raised panel is for a particular model or anything else about it that you may know?

Maybe an older aftermarket fender?

Perhaps one is Ford and one is one of these:

https://books.google.com/books?id=U_EyAQAAMAAJ&pg=PA377&dq=york+corrugating+ford +fender&hl=en&sa=X&ved=0ahUKEwizrtn5hO_MAhWBx4MKHVX_ABYQ6AEIJjAA#v=onepage&q=yor k%20corrugating%20ford%20fender&f=false

Could be that T fenders had differences like the bodies did.
According to historical sources that's been noted on this forum over the years like Marc's post Ford used different body makers to build the bodies. A car of a particular year and style could have minor differences in the body because of the builder.
Could be the same thing for the fenders also.