1948 Wheat Penny Value: Price Chart by Grade & Mint

In 1948 the U.S. Mint struck about 571.9 million Lincoln cents for circulation: Philadelphia 317.6 million, Denver 172.6 million, San Francisco 81.7 million. That is 18% more than 1947. Among the 117 years from 1909 to 2025, 1948 ranks number 84 by total mintage (1 = most coins made), so it is one of the lower-mintage dates of the series. The scarcest 1948 issue by mintage is San Francisco (81,735,000); the most common is Philadelphia (317,570,000). Within the 1940s, 1948 ranks 8 of 10 years for mintage; the decade's high was 1944 (2.15 billion) and its low was 1949 (435.2 million). Mint by mint: Philadelphia rose 67% from 1947; Denver fell 11% from 1947; San Francisco fell 17% from 1947.

The mint mark, if any, sits under the date on the front of the coin. A 1948 cent with no mint mark was struck at Philadelphia and is the normal, common form for that mint. The letters you can find on 1948 circulation cents are D (Denver) and S (San Francisco).

• From 1918 onward the initials V.D.B. sit in tiny letters on the truncation of Lincoln's shoulder on the obverse. They are normal and do not add value; they are simply a way to confirm the coin's era.
• Wheat cents were struck in bronze (3.11 g) except for 1943. Genuine coins show a plain edge and a slightly lighter, more reddish colour than modern zinc cents when uncirculated; a brown, evenly worn coin is the normal state for this era and is not damage.
• Rule out cleaning (unnatural brightness, fine parallel scratches) and flat machine doubling before you call anything a variety; see how to read dates and mint marks.

PCGS Price Guide values for 1948 cents (updated September 24, 2026, U.S. dollars, for coins certified by PCGS):

• 1948: $5 in MS63 RD and $26 in MS65 RD.
• 1948-D: $6 in MS63 RD and $22 in MS65 RD.
• 1948-S: $5 in MS63 RD and $20 in MS65 RD.

San Francisco is the lowest-mintage 1948 issue (81,735,000 struck), so it is the mint collectors check first. Guide prices assume a certified coin; an uncertified, worn 1948 cent usually sells for less than the lowest figure above, often a few cents in bulk wheat-cent lots. RD means full original red copper, RB red-brown, BN brown; the color grade can multiply the price. How grade and variety turn into a number is explained in what makes a coin valuable.