The Proof 1874 Liberty Head Quarter Eagle's status as a rare, key date issue comes from an original mintage of just 20 Proofs. A few have been lost over the years, and the extant population is believed to number fewer than 15 pieces. The online PCGS Population Report accounts for only 12 to 14 survivors, while Jeff Garrett and Ron Guth (Encyclopedia of U.S. Gold Coins: 1795-1933, 2008 edition) believe that only about 10 examples are extant. In either case, this is clearly an exceedingly rare issue.

The 1874 is one of the "magic dates" in the Liberty quarter eagle series, with limited mintages for both the year's Proof and circulation strike issues. The Proof mintage is just 20 specimens, as noted, while circulation strike production amounted to only 3,920 pieces. All are attributed to the Philadelphia Mint, the only coinage facility to strike quarter eagles in 1874. With such a limited mintage, it is not surprising that several of the extant circulation strikes are semi to fully prooflike in appearance. Such pieces cannot be mistaken for Proofs, however, for the true Proofs, as here, exhibit three tiny die chips on Liberty's cheek before the ear and noticeable chips out of the denticles on the obverse between the stars 4 and 5, after star 5, above star 6, and just before star 7.

The example to the left was sold by Stack's Bowers Galleries in the May 2015 Rarities Auction, where it sold for $32,900.