The 1874 is the second issue in the Proof trade dollar series, produced to the extent of 700 pieces. It was typical for the era that, at the turn of the year, several unsold Proofs from the preceding year's delivery were still on hand at the Philadelphia Mint. While these coins were usually wholesaled to Philadelphia and New York coin dealers at face value, on January 9, 1875, the Mint made the curious move of releasing some 175 unsold Proof trade dollars into circulation. While some of these coins may have found their way into the stocks of contemporary dealers, many Proof 1874 trade dollars were lost. The same set of circumstances also affected the first year 1873 and, indeed, these two issues are the rarest and most underrated Proof trade dollars of the 1873 to 1883 era. The 1874 is particularly elusive in high grades, as related by Bruce Amspacher (quoted in Bowers, 1993): "The rarest of the non-clandestine [i.e., 1884 and 1885] issues in gem condition." Like the 1873, most are found in Choice grades, with relatively few Gems available on the market. Cameos comprise roughly 30% of the certified population.

The example to the left was sold by Stack's Bowers Galleries in the Summer 2022 Global Showcase Auction, where it realized $9,000.