1874-S

San Francisco's 1874 Double Eagle output of 1,214,000 pieces was the work of a mint in transition. The branch had just opened its second home that year, the Alfred B. Mullett granite building at Fifth and Mission known to locals as the Granite Lady, and Type 2 dies bearing the post-1866 motto IN GOD WE TRUST were running at full pace to feed the Pacific bullion-export trade. The 1874-S sits in a cluster of high-mintage SF Type 2 issues alongside the 1873-S and the 1875-S, all three exceeding a million pieces, all three produced primarily for commercial settlement rather than domestic circulation. Survival patterns reflect that purpose, with the bulk of recovered coins showing real wear or bag friction.

The high-mintage paradox is sharply on display here. Examples in VF through AU appear in nearly every advanced cabinet of Coronet twenties, yet truly choice Mint State pieces are scarce, and gem-quality survivors are genuinely rare. PCGS recognizes a finest known of MS63 for the date, with the population thinning dramatically above MS61. Strike on SF Type 2 dies of this period tends toward decent central definition with softness sometimes appearing on the eagle's neck feathers and the upper shield, a die fatigue pattern that comes from striking enormous quantities at moderate pressure. Heritage Auctions sold a PCGS MS63 example for $28,800 on April 26, 2020, illustrating the steep premium attached to true Mint State condition.

The 2013 Saddle Ridge Hoard, unearthed in northern California, included 1874-S coins among its 1,427 pieces, and Kagin's-handled distributions from the find expanded the recognized population in lower Mint State grades, particularly through specially encapsulated PCGS holders identifying provenance. Counterfeit risk is meaningfully lower than for the 1874-CC, which carries a substantial mintmark premium, but new collectors should still weigh transfer-die fakes that sometimes target SF dates. For broader context on design evolution from No Motto Type 1 through the 1877 transition to TWENTY DOLLARS Type 3 and the long Coronet run that ended in 1907, see the Liberty Head Double Eagle series history.