Looks like it was struck with a worn obverse die. 1974 does have a few nice doubled die varieties particularly on the motto and part of date but yours isn't showing the characteristics. There are several threads about the 74 and 74 D die varieties in older posts, their are some good photos you can check out for comparison.
That is Machine Doubling. How can I tell? The bottoms of the devices on the motto. You can see striation lines there, so it is from die movement after the strike.
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