1874

Philadelphia's 1874 double eagle sits in the upper-middle tier of late Type 2 production, with 366,800 business strikes placing it well above the contemporary 1875 figure of 295,740 yet far below the combined 1873 output, where the Open 3 and Closed 3 varieties together exceeded 1.7 million pieces. The issue arrived as the Long Depression that followed the September 1873 panic was tightening domestic credit, and most surviving examples therefore reflect heavy commercial use rather than ceremonial preservation. James B. Longacre's Coronet portrait pairs here with the With Motto reverse and the abbreviated TWENTY D. denomination, the Type 2 configuration used at all three operating mints from 1866 through 1876.

Despite the seven-figure proximity of the mintage, the 1874 Philadelphia is genuinely scarcer than its raw production suggests. PCGS commentary notes the date is more rare overall than the 1865, 1866, and 1872 issues and considerably more rare than the hoard-supplied 1867, with most certified survivors clustered in VF through AU. Mint State examples appear regularly enough in the auction stream to satisfy type collectors but become difficult above MS62, and Gem-quality coins are essentially unobtainable. A separate proof issue of just 20 pieces was struck the same year and represents one of the lowest proof figures of the late Type 2 run, though those coins occupy an entirely distinct collecting tier.

Strike quality on Philadelphia Type 2 coinage of this period tends toward soft central detail with bold rim definition, a consequence of the heavy dies and shallow relief used to extend press life on long production runs. Bag marks dominate the surface character of most survivors given that double eagles of the era moved between bank vaults rather than circulating individually. A representative auction benchmark comes from Heritage's August 2015 sale, where a PCGS MS64 example realized $39,950, illustrating the steep premium the date carries once it crosses into Choice Mint State territory. PCGS or NGC certification is the standard authentication path. For broader context on design types and mint distribution, see the Liberty Head Double Eagle series history.