1948 Mexican 1 Peso Silver Coin (Morelos)

If you inherited a 1948 Mexican 1 peso, here is the honest answer: it is worth roughly 3 to 4 US dollars, and that value comes almost entirely from its silver content. It is a common-date coin, not a rare one. A circulated example trades near its metal value; only a certified high-grade piece climbs above that.

This is the coin Mexican collectors nickname the "Morelos cachetón" (the chubby-cheeked Morelos), named for the prominent cheeks on the portrait of independence hero José María Morelos. It was only struck from 1947 to 1949, because the price of silver rose to the point where making the coin cost more than its face value.

What the 1948 peso actually is

The coin is 0.500 fine silver, meaning 50 percent silver and 50 percent copper. It weighs 14 grams total, of which about 7 grams (0.225 troy ounce) is pure silver. Diameter is 32 mm with a reeded edge.

The reverse shows the head of José María Morelos facing right, with the lettering UN PESO, the year 1948, the mint mark Mo (Mexico City), the weight 14 Gr, the fineness 0.500, and the name MORELOS. The obverse carries the National Coat of Arms with the eagle. The copper in the alloy gives it a grayer tone than higher-purity silver, which is a useful authenticity clue.

How much is it worth

The value is set by silver. With 0.225 troy ounce of pure silver, the coin's melt value tracks the daily spot price: multiply 0.225 by the current price of a silver ounce in USD. At recent silver prices that puts the metal floor around 3 to 4 US dollars.

Do not expect thousands of dollars for a 1948. Any listing claiming that figure for a common circulated example is wrong.

Is it rare? No

Mexico struck 22,915,000 of these in 1948. That is a high mintage, well below the 1947 issue (61,460,000) but far more than enough that you can find one without effort. It is a common date.

The genuinely scarce year in this series is 1949: only 4,000,000 were struck, almost all were melted, and the coin essentially never circulated. That date can be worth thousands of pesos. The 1948 is not that coin.

How to tell if yours is genuine

Check the basics against the specs:

• Weight: 14 grams exactly.
• Diameter: 32 mm.
• Edge: reeded.
• Color: a grayer tone than fine silver, because of the copper.
• Markings: mint mark Mo, and the reverse legends 14 Gr and 0.500.

If the price being asked seems high, or you plan to buy or sell, have it verified by a trusted dealer before money changes hands.

Where to sell it

Because it is a common date, this peso moves regularly at coin shops and among collectors. Check the Pesoteca dealer directory to find buyers and sellers near you. Before you sell, look up the day's silver value so you do not let it go below its metal content.

This coin belongs to the modern pre-1992 era of Mexican coinage. If you want to know what the higher-purity Mexican silver pieces are worth, compare it against the rest of the silver series in our catalog.

Have a 1948 peso in nicer shape than circulated and want a second opinion on the grade? Post clear photos of both sides in the Pesoteca forum and the community will weigh in.

Mexican circulating peso coins from the second half of the 20th century were struck in alloys that changed according to metal costs and inflationary processes: .720 silver in the $1, $5, $10, $25 denominations during the 1940s-50s; cupronickel from the 1970s on; aluminum bronze and stainless steel in the 1980s; pieces with figures (Hidalgo, Cuauhtémoc, Juárez, Madero) in the late 1980s just before the transition to Nuevos Pesos in 1992. 1948 corresponds to the period when this variant was in circulation.