The match was notorious for a display of violence by Billy Bremner and Kevin Keegan, who were dismissed after the hour for trading punches in true playground style.
In the climate of tough 1970s football, both players felt they had been harshly treated and took off their shirts, flinging them on to the Wembley track as they left the pitch.
The FA fined both players £500 and banned them until September, meaning they would miss eleven matches.
It was the first Charity Shield ever to be shown on television. The match finished 1-1, Phil Boersma had opened the scoring for Liverpool in the 20th minute, but Trevor Cherry headed home Leeds equaliser in the 70th.
The game then went to a penalty shoot out and, with the scores balanced at 5-5 in sudden death, Leeds chose their keeper David Harvey to go next.
Harvey thumped the ball over the bar, and Ian Callaghan smashed home the winner for Liverpool who won the game 6-5.
The penalty shoot out scorers for Liverpool were - Alec Lindsay, Emlyn Hughes, Brian Hall, Tommy Smith, Peter Cormack, and Ian Callaghan.
The match - and the fight between Keegan and Bremner - is mentioned indirectly in The Damned United with Michael Sheen as Brian Clough requesting of Bremner 'good, clean attractive football...starting next week at the Charity Shield'.
In the subsequent film version, the match is included with some of the original footage used.