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In 1974 the thumb rest was usually located above the E string, but occasionally under the G string. The silver plastic "Fender Made In U.S.A." logo was first introduced on the black Tolex case.

Other 1974 Precision bass characteristics: Large "C" logo including four individual patent numbers and an ® mark applied under the finish, Fender name imprinted non-reverse clover tuners with an ® mark and no rivet, curved rosewood fretboard or one piece maple neck with skunk stripe, pearloid or black plastic dot fret markers, medium jumbo fret wire, neck butt date ink stamps etc., fifth hole on neck butt for hanging while painting, black plastic gasket under F Series neck plate, body nail holes (for paint drying), neck pocket paint stick etc., extra body hole in neck pocket for hanging while painting, tortoise shell/white/black/white vinyl pickguard, black/white/black/white or white/black/white vinyl pickguard, metal foil ground shielding on pickguard horn underside, date ink stamped grey bobbin pickups, ground shield under pickups, chrome pickup cover and bridge cover with foam rubber string mute, CTS potentiometers, round yellow or orange tone capacitor, plastic wiring, oval ground wire route underneath bridge, single groove bridge saddles.

Serial numbers ranged from roughly 500000 to 580000 although there are many overlapping exceptions. For more precise dating cross reference the serial number with the instrument's neck butt, pickup and pot codes.