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Topps released this updated set late in the season. 1974 Topps Traded consists of 44 cards using the same design as the 1974 Topps base set. The only significant difference is the word TRADED in red located in a large yellow panel near the bottom of the card. The backs contain 'Baseball News' headlines detailing the trade. Most of these photographs were edited by Topps artists to depict the new team uniform.

The card numbers correspond to the players regular card number from the 1974 Topps base set with the addition of 'T' for traded.