If that's the RTC3511 seal (which it looks like, but sorta hard to tell) there are two springs.
The one on top OD, and one on the inside on the bottom.
The OD spring is to prevent contaminant ingress, the ID spring is to prevent oil/grease egress (and is oriented towards the bearings).
They are placed like this
Then recessed 4mm (I use the drive member method as shown in the photo of mine that ini88 linked to, but a pipe of the right diameter, or an old bearing outer race, works well also)
If using the drive member for recessing them don't drive it all the way down otherwise the seal will be too deep.
On a side note, it looks like from the photo that there's some rust on the inner race of the inner bearing. If that's what it is, I'd be leery of not replacing that bearing. Even though it's not a "bearing" surface, it points to a poorly maintained bearing so there's likely other imperfections where it matters.