1948 Quarter Value (2026 Guide): Errors List, “D”, “S” & No Mint Mark Worth

The 1948 Washington Quarter is a 90% silver coin that holds real value on two levels — as a precious metal and as a collector’s piece. Even a heavily worn example is worth around $9 at today’s silver prices, while top-grade specimens can fetch five figures at major auction houses.

What most people don’t realize is that this coin hides some serious surprises. PCGS specifically calls the 1948-D “the rarest of the three 1948 issues in Gem condition” — meaning the Denver quarter, despite having a mid-range mintage, is actually the hardest to find in pristine shape. Read on to find out what makes each variety tick and how to spot the hidden gems.

 

1948 Quarter Value By Variety

The table below shows current market values for 1948 quarters across different mint marks and conditions. If you know the grade of your coin, you can find the exact price below in the Value Guides section.

Also Read: Top 100 Most Valuable Modern Quarter Worth Money (1932 – Present)

 

Top 10 Most Valuable 1948 Quarter Worth Money

This top 10 chart reveals the extreme value potential hiding in 1948 quarters, with the right combination of mint mark and grade creating five-figure coins.

The 1948 No Mint Mark in MS68 condition dominates at $43,200, proving that Philadelphia quarters aren’t always the “common” option collectors assume. What’s particularly striking is how the 1948-S follows at $23,500 in the same grade, nearly double the Denver version’s $3,120.

The 1948-S/S RPM FS-501 error at $4,000 in MS64 shows how mint mistakes can create serious value, outperforming even high-grade regular strikes from Denver. Notice how dramatically values drop between grade levels — a single point difference from MS67 to MS66 can mean losing over $1,000 in value.

These auction records from 2006 to present demonstrate why condition is everything in Washington quarter collecting. Even the lowest entry at $384 for a 1948-D MS65 represents substantial money for the right coin.

 

1948 Quarter Value and History

Understanding the 1948 quarter means looking at a pivotal moment in American coinage history. By 1948, the Washington quarter had been in production for 15 years, but this particular year stands out for reasons most collectors overlook.

The 1948 quarter continued the design introduced in 1932 to commemorate George Washington’s 200th birthday. What started as a one-year commemorative became permanent when the public embraced sculptor John Flanagan’s classic design over the previous Standing Liberty quarter.

Here’s a fascinating piece of design history that most people have never heard. The bicentennial committee that oversaw the coin’s creation actually preferred the design submitted by sculptor Laura Gardin Fraser — and even the Commission of Fine Arts agreed. However, Treasury Secretary Andrew Mellon overruled them and personally selected Flanagan’s portrait instead. Fraser’s design was ultimately never used on a circulating quarter.

Three mints produced 1948 quarters: Philadelphia (no mint mark), Denver (D), and San Francisco (S). The Philadelphia Mint struck 35,196,000 coins, making it the most common by far. Denver produced 16,766,800, while San Francisco contributed 15,960,000 to the total.

What makes 1948 particularly interesting is the post-World War II economic boom driving increased coin production. Americans were spending again, businesses needed change, and the mints were working overtime to meet demand after wartime metal restrictions.

One important fact about 1948 that surprises many collectors: no official Proof Washington Quarters were struck that year. The U.S. Mint suspended its proof coinage program from 1943 through 1949, so any coin being sold as a “1948 Proof quarter” is either a misidentified coin or a fraud.

The real story lies in survival rates. While millions were minted, most entered heavy circulation during the prosperous late 1940s, making high-grade examples surprisingly scarce today.

Also Read: Top 30 Most Valuable State Quarter Worth Money (1999 – 2008)

 

Is Your 1948 Quarter Rare?

For serious collectors, understanding these rarity rankings is crucial for building a strategic collection. You can quickly check the scarcity ranking of any coin you’re considering with our CoinValueChecker App, which provides real-time rarity data alongside current market values.

 

Key Features of the 1948 Quarter

Crucial features of the 1948 Washington quarters include John Flanagan’s obverse and reverse designs. Besides, there are the coins’ composition and standard measurements for each piece. Unlike modern coinage, all quarters minted from 1932 to 1965, including those from 1948, were made of silver.

The Obverse of the 1948 Washington Quarter

The 1948 quarters have a standard obverse look with George Washington in the central position, which is typical for this type of coin. The word LIBERTY occupies the top of the rim and the date of the coin’s minting appears at the bottom.

A designer also added IN GOD WE TRUST in front of the President’s neck. John Flanagan’s initials “JF” appear on the right side at the base of Washington’s neck — a small but important detail that authenticators use.

The Reverse of the 1948 Washington Quarter

An image of a proud eagle appears on the 1948 quarter reverse. Its outstretched wings occupy most of the space, while a Latin motto and the full name of the United States are engraved above.

The bottom half of the coin is reserved for arrows in the eagle’s claws, a wreath of olive twigs, and the denomination. Quarters from Denver and San Francisco display a small letter (D or S) below the bow of the wreath, representing the mint mark. Philadelphia quarters show no letter at all.

Other Features of the 1948 Washington Quarter

The 1948 quarters are silver coins with a face value of $0.25. Each piece weighs 6.25 g (0.20094 troy ounces), though PCGS uses a slightly different standard of 6.30 g — both are within normal manufacturing tolerance.

Since the alloy is 90% silver, the precious metal content is 0.18084 troy ounces (5.623 g). Based on current silver prices, this translates to a melt value of roughly $8–$14 depending on the day. You can expect these coins to have a diameter of 24.3 mm (0.95669 inches) with a thickness of 1.75 mm (0.06870 inches).

Also Read: Top 20 Most Valuable 1776-1976 Bicentennial Quarter

 

1948 Quarter Value — Mintage & Survival Data

This mintage and survival data reveals why the 1948-D quarter commands premium prices despite not having the lowest original mintage. Philadelphia produced over 35 million quarters in 1948, making it the most common by sheer numbers. Denver and San Francisco struck roughly similar amounts at 16.8 million and 16 million respectively.

While all three mints show survival rates above 9.9%, the tiny differences matter enormously to collectors. The San Francisco Mint achieved the best survival rate at 10%, followed closely by Philadelphia at 9.9983%.

What’s particularly interesting is how Philadelphia’s massive original mintage translates to over 3.5 million surviving coins today, yet the Denver version with only 1.67 million survivors often trades at higher premiums. This demonstrates how collector psychology values scarcity over absolute numbers.

Also Read: Top 100 Most Valuable Washington Quarter Worth Money (1932 – 1998)

 

The Easy Way to Know Your 1948 Quarter Value

Assessing your 1948 quarter’s worth starts by locating any mint mark below the eagle, which identifies the production facility. Examine wear on Washington’s profile and the eagle’s feathers, as these high points reveal circulation history.

Coins retaining sharp strikes with intact design details and reflective surfaces command stronger premiums than heavily worn specimens. Identifying potential varieties or unusual features can unlock additional value beyond typical prices.

Skip the guesswork and simply scan your quarter with the CoinValueChecker App for an immediate professional grade assessment and current pricing.

 

1948 Quarter Value Guides

The 1948 quarter comes in three distinct varieties based on where they were minted:

• 1948 No Mint Mark Quarter — Produced at the Philadelphia Mint
• 1948-D Quarter — Produced at the Denver Mint (D mint mark)
• 1948-S Quarter — Produced at the San Francisco Mint (S mint mark)

Understanding these three varieties is essential because each commands different values in today’s market. The mint mark appears on the reverse side, just below the eagle’s tail feathers between the two olive branches. Philadelphia quarters show no mark at all, while Denver and San Francisco coins display their respective letters clearly.

One key grading insight to keep in mind: PCGS has noted that both the 1948 Philadelphia and 1948 San Francisco issues suffered from poor quality control during production, leading to weakly struck and surface-imperfect coins. This means finding a truly Gem example (MS-65 or higher) for either mint is tougher than the mintage numbers suggest. Despite similar original mintages between the D and S versions, survival rates and collector demand have created notable price differences.

 

1948 No Mint Mark Quarter Value

The 1948 No Mint Mark quarter stands out as the most paradoxical coin in the series. Despite having the highest original mintage at over 35 million coins, it commands the highest prices in Mint State condition, reaching over $43,200 at Stack’s Bowers in March 2021.

This counterintuitive pricing reflects two overlapping facts: widespread circulation during the post-war boom, and the PCGS-documented “poor quality control” at the Philadelphia Mint in 1948. According to PCGS CoinFacts, the typical 1948 Philadelphia quarter is scarcer in Gem condition than many lower-mintage S-Mint coins of the same era — because collectors saved those San Francisco pieces in larger quantities.

What makes this Philadelphia-minted quarter truly special is its condition rarity story. While millions were produced, most entered heavy commerce immediately, and weak strikes at the mint reduced the number of high-quality coins from the start.

Recent auction records reveal just how competitive bidding can get for premium examples of this seemingly ordinary quarter.

Meanwhile, current market activity shows sustained collector interest driven by both seasoned numismatists and newcomers discovering the value hidden in everyday pocket change.

 

1948-D Quarter Value

The 1948-D quarter is what PCGS calls the “sleeper” rarity of the entire 1948 set. While it has a slightly higher mintage than the San Francisco issue at 16,766,800 coins, PCGS CoinFacts explicitly identifies it as “the rarest of the three 1948 issues in Gem condition” and “one of the tougher issues of the Post-War era.”

This surprising fact boils down to one key difference: Denver coins were largely overlooked by collectors and circulated heavily, while San Francisco coins were saved in rolls more often. As of 2020, only a single NGC MS-68 specimen was known for the 1948-D — a remarkable statement of rarity for what appears to be a common-date coin. Its PCGS auction record stands at $8,050 for an MS-67+ sold by Heritage Auctions on April 18, 2012.

The coin’s balanced combination of reasonable availability in lower grades and genuine scarcity in Mint State has created consistent auction performance over the years.

Current market activity reflects steady collector demand, particularly from investors seeking undervalued Washington quarter key dates.

 

1948-S Quarter Value

The 1948-S quarter tells a fascinating story about West Coast circulation patterns and an unusual minting characteristic that makes it uniquely collectible. With a mintage of 15,960,000 coins, it has the lowest original production numbers of the three 1948 issues.

What sets the 1948-S apart from the other two issues is a phenomenon tied directly to the San Francisco Mint’s production process. The mint used aggressive die polishing during 1948, which caused early strikes from freshly polished dies to exhibit Prooflike (PL) surfaces — meaning mirror-like fields with frosted design elements, resembling a Proof coin. Remember, no official Proof quarters were made in 1948. These rare Prooflike business strikes are documented by PCGS as a separate recognized variety (1948-S 25C, PL) and can command premiums five to eight times higher than a standard 1948-S coin in the same grade.

The 1948-S auction record is $23,500 for a PCGS MS-68 with CAC approval, sold by Heritage Auctions on January 9, 2013.

Historical auction records demonstrate how this survival story translates into real market premiums for quality examples.

Today’s market activity shows growing recognition among collectors who are finally appreciating this overlooked key date.

Also Read: What Quarters Are Worth Money

 

Rare 1948 Quarter Error List

Even common-date quarters like the 1948 can hide valuable errors that most collectors walk right past. These minting mistakes — from repunched mint marks to planchet defects — can transform an ordinary quarter into a significant find worth hundreds or even thousands of dollars.

1948-S/S RPM FS-501 (Repunched Mint Mark)

The 1948-S/S RPM FS-501 represents one of the most dramatic repunched mint mark (RPM) errors in the Washington quarter series. RPM errors occur when a mint worker punches the mint mark letter into the working die, then repositions and punches it again in a slightly different spot — leaving two overlapping impressions of the same letter on every coin struck from that die.

The FS designation comes from the Cherrypickers’ Guide to Rare Die Varieties, the authoritative reference book for U.S. coin varieties, co-authored by Bill Fivaz and J.T. Stanton. This variety shows the S mint mark punched multiple times in slightly different positions, creating a distinctive overlapping effect that’s visible even to the naked eye.

What makes this RPM particularly collectible is its bold appearance and strong market recognition. Unlike subtle doubled dies that require magnification, the 1948-S/S shows obvious doubling that makes authentication straightforward. Certified examples consistently command premium prices at auction, with values reaching $3,750 or more in Mint State grades. Heritage Auctions sold an example graded MS64 for $4,000 in 2018.

1948-S Prooflike (PL) Business Strike

The 1948-S Prooflike is not technically an error, but it is a scarce and officially recognized special designation that dramatically increases a coin’s value. It happens because the San Francisco Mint used heavily polished dies during 1948 production. Early strikes from these dies produced coins with deeply mirrored fields (the flat areas of the coin) that contrast with the frosted raised design elements — exactly the appearance of a Proof coin.

To identify a genuine Prooflike, tilt the coin under a light source. The fields should reflect like a mirror, while Washington’s portrait and the eagle show a frosty, textured appearance. Because no real Proof quarters were made in 1948, any coin with this mirror-frosted contrast was struck as a business coin but just happened to come from a freshly polished die. PCGS and NGC certify these with the “PL” designation, and they sell for five to eight times the price of a standard 1948-S in the same grade.

1948 Broadstrike Error

A broadstrike occurs when a planchet (the blank metal disc) is struck outside the retaining collar — the ring that normally shapes the coin’s edge and keeps it the correct size. Without the collar, the metal flows outward, making the coin wider and flatter than normal. The edge will be smooth with no reeding instead of the standard serrated edge.

Specific 1948-P broadstrike examples have been documented and offered in the $55 range for circulated pieces. More dramatic or mint-state broadstrikes on silver Washington quarters can reach $75 to $160 based on general value guides, with exceptional examples potentially higher.

1948 Lamination Error

Lamination errors were fairly common on 1940s silver coinage due to impurities in the metal alloy mix. A lamination happens when a layer of metal partially peels away from the coin’s surface, leaving a crack, flap, or missing piece of metal. The result can look like a chip, gouge, or peel on the face of the coin.

Simple lamination cracks on 1948 quarters add a modest premium of $10 to $15. More dramatic examples where the metal flap is large and still attached (called a “retained lamination”) have sold in the $44 range for 1948-P examples.

1948 Off-Center Strike Error

An off-center strike occurs when the planchet is not properly centered between the dies when struck, causing part of the design to be missing and a blank crescent of metal to be visible. Values increase with the percentage of off-centering and whether the date is still visible.

On 1948 Washington quarters, off-center strikes are worth $75 to $300 depending on severity. Coins showing 50% or more off-centering while retaining a visible date are the most desirable to error collectors.

Also Read: 20 Rare Washington Quarter Errors Worth Money (Full List with Pictures)

 

Where to Sell Your 1948 Quarter?

Now that you know the value of your 1948 quarters, do you know where to sell these coins to get the best return? Don’t worry, I’ve compiled a list of the top platforms for selling 1948 quarters, including their specialties, advantages, and potential drawbacks to help you maximize your coin’s value.

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

 

1948 Quarter Market Trend

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

 

FAQ about the 1948 Quarter Value

1. What Makes a 1948 Quarter Rare?

The 1948 quarter is a condition rarity rather than a mintage rarity. All three mint marks had high original mintages, but poor quality control at both the Philadelphia and San Francisco Mints produced many weakly struck, surface-imperfect coins. Only 519 Philadelphia examples have been rated MS-67 or higher by PCGS, making top-grade specimens genuinely rare. The Denver version is rarer still in Gem grades, with only a single NGC MS-68 specimen known as of 2020.

2. Which 1948 Quarter Is Worth the Most Money?

The most valuable 1948 quarter is a Philadelphia No Mint Mark coin graded MS-68+ by PCGS, which sold for $43,200 at a Stack’s Bowers auction in March 2021 — the all-time record for any 1948 quarter. The runner-up is a 1948-S graded PCGS MS-68 with CAC approval, which sold for $23,500 at Heritage Auctions in January 2013. The 1948-D holds its record at $8,050 for an MS-67+ at Heritage Auctions in April 2012. For errors, the 1948-S/S RPM FS-501 reached $4,000 in MS-64 at Heritage Auctions in 2018.

3. How Much Is a 1948 Philadelphia Quarter Worth?

Washington quarters from Philadelphia in 1948 carry no mint mark. Circulated examples in Good to Very Fine condition are worth $9 to $15, primarily reflecting the silver melt value. Uncirculated coins graded MS-63 to MS-65 typically trade from $12 to $35. MS-67 examples are worth $115 to $180, and anything above MS-67 climbs steeply into the thousands due to extreme condition rarity.

4. What Is the Silver Melt Value of a 1948 Quarter?

Every 1948 quarter contains 0.18084 troy ounces of pure silver (90% of a 6.25 g coin). With silver spot prices at historically elevated levels in late 2025 (around $48 per ounce), the melt value was approximately $8.72. At current 2026 silver prices, always calculate using the formula: melt value = silver spot price × 0.18084. This represents the absolute minimum a 1948 quarter is worth, regardless of condition.

5. Does a 1948 Quarter Have Any Proof Versions?

No. The U.S. Mint suspended its proof coinage program from 1943 through 1949 — which means no official Proof Washington Quarters were struck in 1948. Any coin being marketed as a “1948 Proof quarter” is either a misidentified Prooflike business strike, a coin that has been polished (which destroys its numismatic value), or an outright fake. The Prooflike (PL) 1948-S does exist as a genuinely scarce variety, but it is a business strike, not a Proof.

6. What Is a 1948-S Prooflike Quarter and What Is It Worth?

The 1948-S Prooflike (PL) is a business strike coin produced from freshly polished dies at the San Francisco Mint. The aggressive die polishing created mirror-like fields that contrast with the frosted raised design elements — visually resembling a Proof even though it isn’t one. PCGS and NGC certify these coins with the PL designation. They command premiums five to eight times higher than a standard 1948-S in the same grade, making them a prized variety for specialists in Washington quarter collecting.

7. How Do I Find the Mint Mark on a 1948 Quarter?

Turn the coin to the reverse (eagle side) and look just below the eagle’s tail feathers, between the two olive branches. A “D” means the coin was struck at the Denver Mint. An “S” means San Francisco. No letter at all means Philadelphia. The mint mark on all Washington quarters before 1965 is on the reverse, not the obverse like on modern quarters.

8. Is the 1948-D or 1948-S Quarter Rarer?

In circulated grades, both are roughly comparable. But in Gem Mint State (MS-65 and higher), the 1948-D is the rarer coin — PCGS explicitly calls it “the rarest of the three 1948 issues in Gem condition.” This runs counter to what many collectors assume based on mintage figures alone. As of 2020, only one NGC MS-68 example of the Denver quarter was known to exist. The 1948-S has the lowest raw mintage but is more commonly found in high grades because collectors saved San Francisco rolls in greater numbers during the late 1940s.

9. What Other Errors Can Be Found on a 1948 Quarter?

Beyond the well-known 1948-S/S RPM FS-501 repunched mint mark, several other error types have been documented. Lamination errors (metal peeling or cracking) are worth $10 to $44 depending on severity. Broadstrike errors — where the coin was struck without the retaining collar — are worth $55 to $160, with a plain, smooth edge as the key identifier. Off-center strikes range from $75 to $300 based on how far off-center the design is and whether the date remains visible. Strike-through errors, where a foreign object became trapped between the die and planchet, are worth around $99.

10. Should I Get My 1948 Quarter Professionally Graded?

Professional grading by PCGS or NGC is worth the cost only in specific situations. For circulated coins in Good through Extremely Fine condition, the grading fee will exceed the coin’s value since these pieces are trading near silver melt price ($9 to $15). However, if your coin appears uncirculated — no wear on Washington’s cheekbones, hairlines, or the eagle’s breast — certification is strongly recommended if it might grade MS-65 or higher. Any suspected 1948-S/S RPM FS-501 variety also benefits from certification regardless of grade, as it provides authentication and significantly boosts marketability.