(hex:74) is a glitch item in Pokémon Red and Blue, and an unterminated name glitch item.Its name is taken from mojibake of Pokémon Red/Green's untranslated and unterminated "エクセレント" string and the unrelated code that follows. エクセレント is also found in the internal name data at CD68 for the hex:74 glitch item in Japanese versions.
As it is an unterminated name glitch item, it has effects associated with those items, and can be used for screen data exploits like LOL glitch, Yami Shop glitch or will usually cause the TMTRAINER effect in battle.
When the saved screen data has an early 0x50 sub-tile, this glitch item seems to have a variable effect, such as playing the 'entering a door' sound effect, fading out to a white screen at Route 1, or a white screen freeze that touches the SRAM at Route 7.