1948 Nickel Value Checker: Errors List, “D”, “S” & No Mint Mark Worth

1948 Nickel value ranges from $0.05 face value to $12,000. That record sale was a Grade 67 example sold through David Lawrence Rare Coins in April 2021. Wondering what yours could be worth? Upload a photo of your coin below for a quick value range, then scroll down to browse recent eBay sales and see what 1948 Nickels are actually going for today.

 

1948 Nickel Value By Variety

Here’s the current pricing for 1948 Jefferson nickels across all three mint marks and multiple grade levels, including Full Steps (FS). That designation means five or six distinct, unbroken lines are visible on Monticello’s staircase — a sign of an exceptional strike.

If you already know your coin’s grade, jump straight to the Value Guides section below to find the exact price range.

Also Read: Top 100 Most Valuable Jefferson Nickels Worth Money List (1938-Present)

 

Top 10 Most Valuable 1948 Nickel Value Records at Auction

The king of the hill is a 1948-S graded MS67+ with Full Steps that brought $12,000 on April 25, 2021 at David Lawrence Rare Coins. That’s the all-time record for this date — and it’s a San Francisco coin, which surprises some people.

Second place goes to a 1948-D graded MS67 Full Steps at $6,325 on August 11, 2006 at American Numismatic Rarities. Then a Philadelphia MS66 Full Steps hit $4,800 on August 25, 2021 at Stack’s Bowers. Strike quality drives everything here. A 1948 (Philadelphia) MS67 NGC Full Steps sold for $3,736.25, while a 1948-S MS68 realized $2,240. After that, the remaining top-10 entries range from $1,650 down to $518. Once you drop below MS67+ or lose the Full Steps designation, values fall off a cliff.

 

History Behind the 1948 Nickel

The Jefferson nickel series started in 1938 after the Buffalo nickel finished its mandatory 25-year run. The Treasury held an open design competition — 390 artists entered — and Felix Schlag won with his side-profile portrait of Jefferson, earning a $1,000 prize.

Here’s a fun detail: Mint officials made Schlag change his original three-quarter view of Monticello to a straight-on frontal perspective. He thought the revised angle looked so generic that he personally added “MONTICELLO” beneath it on the reverse. That label survives on every coin in the series today.

During WWII (1942–1945), nickel became a strategic war metal. Congress authorized a temporary alloy of 35% silver, 56% copper, and 9% manganese — the wartime silver nickels. You can spot them by the large mint mark above Monticello’s dome. That was actually the first time Philadelphia ever used a “P” mint mark on any coin until 1979.

The standard 75% copper / 25% nickel composition came back in 1946, and all 1948 nickels use that traditional alloy. No proof coins were produced in 1948 — the Mint suspended proof coinage between 1943 and 1949. Every 1948 nickel in existence is a business strike from Philadelphia, Denver, or San Francisco.

Also Read: Top 60+ Most Valuable Buffalo Nickels Worth Money

 

Is Your 1948 Nickel Value Affected by Rarity?

Circulated 1948 nickels? Common as dirt. But at the top of the grade scale, genuine rarity exists. The 1948-S in MS67 with Full Steps has only “about a handful” of known examples according to PCGS CoinFacts. That makes it one of the tougher business-strike Jeffersons from the late 1940s. The counterintuitive part: San Francisco had the lowest mintage, but it’s the strike quality — not the mintage — that creates the real scarcity at top grades.

For collectors seeking to verify rarity rankings and current market assessments, our Coin Identifier and Value App provides instant access to comprehensive rarity data.

 

Key Features That Affect 1948 Nickel Value

The 1948 Jefferson nickel uses the traditional copper-nickel alloy, back to normal after three years of wartime silver. Felix Schlag’s design — Jefferson’s portrait modeled on Houdon’s famous marble bust — appears on all three mint varieties with no changes.

One thing that trips people up: Schlag’s initials “FS” weren’t added to the obverse until 1966. So 1948 nickels don’t carry his initials under Jefferson’s bust. Don’t confuse that with the “Full Steps” grading designation — completely different thing.

The Obverse of the 1948 Nickel

You’ll see a left-facing portrait of Thomas Jefferson in high relief, drawn from Houdon’s 1789 marble bust. Notice the tied-back hair in 18th-century fashion.

“IN GOD WE TRUST” curves along the left rim. “LIBERTY” and the date “1948” follow the right rim behind Jefferson’s profile, separated by a single star.

The Reverse of the 1948 Nickel

Flip it over and you’ll see Monticello in a straight-on frontal view with its neoclassical dome and columned portico. “E PLURIBUS UNUM” sits above the building, “MONTICELLO” and “FIVE CENTS” below it.

“UNITED STATES OF AMERICA” encircles the lower rim. Look to the right of Monticello near the rim for the mint mark — “D” for Denver, “S” for San Francisco. No letter means Philadelphia.

Other Features of the 1948 Nickel

The 1948 Jefferson nickel is a round, plain-edge coin struck in 75% copper and 25% nickel. It weighs exactly 5.00 grams, measures 21.20 millimeters in diameter, and has a thickness of 1.95 millimeters.

Also Read: Top 100 Rarest Nickels Worth Money (Most Expensive)

 

1948 Nickel Mintage & Survival Data

All three mints combined for 145,382,000 Jefferson nickels in 1948. Philadelphia dominated with 89,348,000 pieces (over 61% of total production), Denver followed at 44,734,000, and San Francisco brought up the rear with just 11,300,000 — the lowest of the three.

About 80% of 1948 nickels from all mints still exist today. That’s roughly 71,500,000 survivors from Philadelphia, 35,750,000 from Denver, and 9,050,000 from San Francisco. Sounds like a lot — and it is. But here’s the thing: coins graded MS67 or higher from any mint exist in tiny numbers, often fewer than a few dozen. MS67 Full Steps pieces? You can count them on one hand.

To put it another way: out of 145 million coins struck, maybe five or six survive in top-pop Full Steps condition. That’s a completely different kind of rare.

Also Read: Jefferson Nickel Value (1938-Present)

 

The Easy Way to Know Your 1948 Nickel Value

Three things determine what your coin is worth. First, flip to the reverse and look to the right of Monticello for the mint mark: no letter means Philadelphia, “D” means Denver, “S” means San Francisco.

Second, be honest about condition. Check Jefferson’s cheekbone and hair details for wear, then look at the steps at the base of Monticello. If you can count five or six crisp, unbroken horizontal lines on those steps, you might have a Full Steps coin — and that can multiply your value dramatically.

Third, grab a magnifying glass and scan both sides for errors. Look for doubling in the lettering or portrait, and check the mint mark for signs of repunching. For an instant assessment, use the Coin Identifier and Value App to scan your 1948 nickel and receive professional evaluation results within seconds.

 

1948 Nickel Value Guides

Three varieties exist, identified by mint mark alone. Same design, same specs, same copper-nickel composition.

• 1948 No Mint Mark Nickel (Philadelphia)
• 1948-D Nickel (Denver)
• 1948-S Nickel (San Francisco)

All three become genuinely scarce above MS66 and extremely rare with Full Steps. The premiums at the top of the grading scale can be astonishing.

 

1948 No Mint Mark Nickel Value

Here’s a price contrast that tells you everything: a standard MS65 Philadelphia nickel from 1948 is a $10-$20 coin. An MS66 Full Steps example? $4,800 at Stack’s Bowers in August 2021. Same date, same mint — just strike quality separating a pocket-change coin from a four-figure sale.

Philadelphia struck 89,348,000 nickels in 1948, the highest of any mint that year. You’ll find these easily in circulated grades up through MS65. Beyond that, supply tightens fast. PCGS CoinFacts calls the 1948-P “much tougher” in MS66 or higher, with Full Steps specimens at that level numbering “no more than a few dozen or so” known. One bright spot: Philadelphia nickels from 1948 often show better strike quality than later post-war issues, so well-preserved examples tend to have nice eye appeal.

The auction record for a standard (non-FS) MS67 is $1,650, sold March 2, 2014 at GreatCollections.

The following chart tracks notable auction sales for this variety over time.

Recent marketplace activity reflects ongoing transactions across multiple grading levels and price points.

 

1948-D Nickel Value

If you’re cherrypicking rolls or dealer junk boxes, here’s a practical tip: the 1948-D is one of the better dates to hunt for Repunched Mint Mark (RPM) varieties. Under magnification, you’ll sometimes see the “D” punched twice in slightly different positions. That variety alone can add $5 to $15 or more depending on visibility.

Denver produced 44,734,000 nickels in 1948 — right between Philadelphia’s massive output and San Francisco’s small run. Circulated examples and lower mint state coins up through MS66 exist in the thousands. Budget-friendly across the board at those levels.

What makes this one interesting is that Denver’s strike quality declined during the post-war period. PCGS numismatist Jaime Hernandez has noted this specifically. So a well-struck 1948-D is more desirable than you’d expect from the mintage alone. MS67 examples are tough, and Full Steps specimens in MS67 are very scarce — only a handful known. The all-time record: $6,325 for an MS67 Full Steps specimen, sold August 11, 2006 at American Numismatic Rarities.

Historical auction data for this Denver-minted variety is displayed below.

The chart below captures marketplace transactions for this Denver variety.

 

1948-S Nickel Value

$12,000 for a nickel. That’s what a single 1948-S brought in MS67+ Full Steps condition. I think that makes this the most underrated date in the late-1940s Jefferson series.

San Francisco struck just 11,300,000 nickels in 1948 — the smallest production run of the three mints and one of the lower mintages in the entire Jefferson series. The San Francisco Mint used more careful die polishing during this era, so many coins have a pleasingly lustrous surface even when the strike isn’t particularly sharp.

Jaime Hernandez at PCGS CoinFacts confirms the 1948-S is very common through MS65, becomes scarce in MS66 (though thousands still exist raw and uncertified), and drops to “less than a few dozen known” in MS67. The MS67 Full Steps examples? Described as “about a handful known” — making this the single most condition-rare variety in the 1948 date set. The standard MS68 auction record is $2,240. But that MS67+ Full Steps specimen holds the all-time 1948 nickel record at $12,000, sold April 25, 2021 at David Lawrence Rare Coins.

Historical auction results for this San Francisco issue are presented below.

Trading activity for this variety is illustrated in the following chart.

Also Read: 22 Rare Nickel Errors List with Pictures (By Year)

 

Rare 1948 Nickel Error List

Error coins happen when something goes wrong during die-making or striking. Collectors pay real premiums for confirmed 1948 nickel errors — and prices can jump depending on the type and how dramatic it looks.

1. Doubled Die Obverse (DDO) Error

A DDO happens when the working die gets misaligned hub impressions during manufacturing, leaving ghost-like doubling on the obverse. On 1948 nickels, grab your loupe and check Jefferson’s eye, the letters in “LIBERTY,” and the date “1948.” That’s where doubling shows up most clearly.

These are genuinely sought-after. Solid DDO examples in circulated condition can fetch $25 to $50 or more. High-grade specimens command even bigger premiums from variety specialists.

2. Repunched Mint Mark (RPM) Error

An RPM shows up when the mint mark punch hits more than once in a slightly different position, leaving a doubled or overlapping impression. Both the 1948-D (D/D) and 1948-S (S/S) exist with this variety.

They’re not super common in the marketplace but affordable when found. Most bring $5 to $15 based on visibility, with more dramatic specimens going higher.

3. Off-Center Strike Error

This happens when the planchet shifts before the dies strike, leaving part of the design missing and a crescent-shaped blank area on one side. Severity varies widely.

Minor examples at 5% to 10% off-center typically sell for $3 to $10. Dramatically off-center pieces showing 50% or more — especially if the date “1948” remains fully visible — can exceed $75 or more. Error collectors bid aggressively on those.

4. Die Crack and Die Break Errors

When dies deteriorate from repeated use, they crack. Those cracks transfer as raised lines or lumps on the coin’s surface. You’ll find these on either side of a 1948 nickel.

Minor hairline die cracks add just a few dollars. Major die breaks or cud errors — large raised blobs near the rim where a chunk of the die broke away — can bring $50 to $100 or more depending on size and prominence.

5. Lamination Error

These occur when the copper-nickel alloy is improperly mixed or contaminated during planchet preparation, causing the metal to split or flake. Look for raised or recessed patches, flaking areas, or thin “peeling” layers on the surface.

Relatively uncommon on 1948 nickels. Prices typically range from $5 to $50, with larger and more dramatic splits earning higher values.

6. Die Clash Error

A die clash happens when the obverse and reverse dies smack each other without a planchet between them. This leaves a faint “ghost” impression of each die’s design on the opposing die, which then transfers onto subsequent coins.

On 1948 nickels, you might see faint mirror-image traces of Monticello on the obverse or Jefferson’s portrait on the reverse. Minor clashes add modest interest. Bold, dramatic examples can fetch $20 to $75 or more.

 

Where to Sell Your 1948 Nickel?

Ready to sell your 1948 nickel? With numerous online marketplaces available, finding the right platform is important. I’ve created a comprehensive guide featuring reputable coin-selling platforms, complete with detailed introductions, key advantages, and potential drawbacks to help you make an informed decision.

Check out now: Best Places To Sell Coins Online (Pros & Cons)

 

1948 Nickel Market Trend

*Market Trend Chart showing the number of people paying attention to this coin.

 

FAQ about the 1948 Nickel

1. What is my 1948 nickel worth in circulated condition?

A worn 1948 nickel in Good (G-4) condition runs about $0.20 to $0.39. In Very Fine (VF-20 to VF-35) you’re looking at $0.50 to $1.00, and a lightly circulated About Uncirculated (AU-58) example can fetch $1.00 to $2.50 depending on the mint and eye appeal.

2. What makes a 1948 nickel rare and valuable to collectors?

Standard circulated examples are common. Rarity kicks in at the top of the grade scale. Coins graded MS66 or higher become significantly scarcer, and the Full Steps (FS) designation — five or six fully defined staircase lines on Monticello — represents extreme condition rarity that can push values into the thousands.

3. What does “Full Steps” mean on a 1948 Jefferson nickel?

Full Steps (FS) is a special designation from PCGS and NGC when at least five complete, unbroken horizontal lines are visible across Monticello’s staircase on the reverse. NGC has distinguished between 5 Full Steps (5FS) and 6 Full Steps (6FS) since 2004, with 6FS being rarer and commanding a higher premium. This feature is extremely hard to find on 1948 nickels because everything had to go right — a perfectly prepared die and a perfectly struck coin.

4. What is the most valuable 1948 nickel ever sold?

$12,000 for a 1948-S graded MS67+ Full Steps by PCGS, sold on April 25, 2021 at David Lawrence Rare Coins. Second place: $6,325 for a 1948-D MS67 Full Steps specimen, sold August 11, 2006 at American Numismatic Rarities.

5. How do I find the mint mark on a 1948 nickel?

Flip to the reverse (Monticello side) and look to the right of the building, close to the rim. “D” means Denver, “S” means San Francisco, no letter means Philadelphia. The 1948 Philadelphia nickel didn’t use a “P” mint mark — that practice only began for nickels in 1979.

6. Did Felix Schlag sign the 1948 nickel with his initials?

No. Schlag’s initials “FS” weren’t added until 1966. All 1948 nickels were struck without them. Don’t confuse this with the “Full Steps” grading designation — completely separate concept.

7. What are the most valuable Jefferson nickels of all time?

Some of the most significant auction records across the entire Jefferson nickel series include:

• $35,250 for a 1954-S MS67 Full Steps
• $33,600 for a 1969-D MS65 Full Steps
• $33,600 for a 1938-D MS68+ Full Steps
• $32,900 for a 1964 SMS SP68 Full Steps
• $32,900 for a 1949-D/S MS67 Over Mint Mark
• $32,200 for a 1942-D MS64 D/Horizontal D
• $28,750 for a 1940 PR68 Reverse of 1938

8. Are 1948 nickels with repunched mint marks (RPM) worth anything?

Yes. Both the 1948-D and 1948-S show documented RPM varieties where the mint mark was punched twice in slightly different positions. Depending on visibility and grade, RPM pieces typically sell for $5 to $15 above normal value. Exceptional examples go higher.

9. Is it worth having my 1948 nickel professionally graded by PCGS or NGC?

Grading from PCGS or NGC costs $100 to $150 or more per coin when you factor in membership, fees, handling, and shipping. Only worth it if your coin appears to grade MS65 or higher, shows potential Full Steps, or has a confirmed rare error. For a typical circulated 1948 nickel worth under $5, the grading cost far exceeds any potential gain.

10. Were any 1948 proof nickels made?

No. The Mint suspended proof production between 1943 and 1949. Every 1948 nickel is a business strike. Proofs resumed in 1950, continued through 1964, paused again 1965–1967, then came back permanently in 1968.