A 1948 Series E savings bond is worth $131.09 to $136.69 per $25 of face value (the amount printed on the bond) in November 2026, by issue month. A $100 bond is worth $524.36 to $546.76. Each is worth 6.99 to 7.29 times its price.
Interest stopped in 1988, so these values are final. Treasury's Savings Bonds Value Files price all 12 issue months, and Treasury's calculator prices all 7 face values in every month; May 1948 issues are the lowest of the year.
Values for November 2026 (final values)
How Much Is a 1948 Series E Savings Bond Worth in November 2026?
A 1948 Series E bond is worth $52.44 (a $10 bond issued May 1948) to $5,467.60 (a $1,000 bond issued December 1948) in November 2026. See Series E savings bonds, 1941 to 1980, for the rules. Table 1 lists each month.
Table 1: What a 1948 Series E savings bond is worth in November 2026, by issue month and face value (final values)
| Issue month | $10 | $25 | $50 | $100 | $200 | $500 | $1,000 | Interest stopped |
|---|---|---|---|---|---|---|---|---|
| January 1948 | $52.56 | $131.41 | $262.82 | $525.64 | $1,051.28 | $2,628.20 | $5,256.40 | Jan 1, 1988 |
| February 1948 | $52.56 | $131.41 | $262.82 | $525.64 | $1,051.28 | $2,628.20 | $5,256.40 | Feb 1, 1988 |
| March 1948 | $52.56 | $131.41 | $262.82 | $525.64 | $1,051.28 | $2,628.20 | $5,256.40 | Mar 1, 1988 |
| April 1948 | $52.56 | $131.41 | $262.82 | $525.64 | $1,051.28 | $2,628.20 | $5,256.40 | Apr 1, 1988 |
| May 1948 | $52.44 | $131.09 | $262.18 | $524.36 | $1,048.72 | $2,621.80 | $5,243.60 | May 1, 1988 |
| June 1948 | $53.29 | $133.23 | $266.46 | $532.92 | $1,065.84 | $2,664.60 | $5,329.20 | Jun 1, 1988 |
| July 1948 | $53.29 | $133.23 | $266.46 | $532.92 | $1,065.84 | $2,664.60 | $5,329.20 | Jul 1, 1988 |
| August 1948 | $53.29 | $133.23 | $266.46 | $532.92 | $1,065.84 | $2,664.60 | $5,329.20 | Aug 1, 1988 |
| September 1948 | $53.29 | $133.23 | $266.46 | $532.92 | $1,065.84 | $2,664.60 | $5,329.20 | Sep 1, 1988 |
| October 1948 | $53.29 | $133.23 | $266.46 | $532.92 | $1,065.84 | $2,664.60 | $5,329.20 | Oct 1, 1988 |
| November 1948 | $53.80 | $134.51 | $269.02 | $538.04 | $1,076.08 | $2,690.20 | $5,380.40 | Nov 1, 1988 |
| December 1948 | $54.68 | $136.69 | $273.38 | $546.76 | $1,093.52 | $2,733.80 | $5,467.60 | Dec 1, 1988 |
Note: face values issued in 1948 are $10, $25, $50, $100, $200, $500 and $1,000, in every month (TreasuryDirect calculator windows). Prices are 75% of face (31 CFR 316.2(b)).
Source: Bureau of the Fiscal Service, Savings Bonds Value Files (Fiscal Data, dataset 015-BFS-2014Q3-094, updated November 2, 2026), redemption month November 2026. Values for each face value are the file's $25-unit value times face/25; Series E values have not changed since final maturity.
Is a 1948 Savings Bond a War Bond?
No: Treasury calls the Series E "the 'War Bond' of 1942-45 and subsequently just the savings bond" (TreasuryDirect). Owners often call old E bonds WWII war bonds; the name does not change the value.
See what WWII war bonds, issued 1941 to 1945, are worth now.
Why Every 1948 Bond Stopped Earning Interest in 1988
Every 1948 Series E bond reached final maturity (the date interest stops) between January 1 and December 1, 1988, 40 years after its issue month (31 CFR 316.8(b)).
- Issue: January to December 1948
- Original term: 10 years (to 1958, our calculation)
- Extensions: 40-year life for issues May 1941 to April 1952
- Final maturity: 1988, on the first of the issue month
Other savings bonds mature and stop earning interest at different dates (30 years for E bonds issued from December 1965).
Why a May 1948 Bond Is Worth Less Than an April 1948 Bond
A May 1948 bond is worth $131.09 per $25 in November 2026, $0.32 less than a January to April 1948 bond ($131.41). May 1948 is the first Series E issue month in the value file worth less than the month before it.
The file prices the 12 months of 1948 in five groups. December 1947 shares the January to April 1948 value, and December 1948 shares the January to April 1949 value. A December 1948 $100 bond is worth $21.12 more than a January 1948 one.
Table 2: The five 1948 value groups and the months next to them, November 2026
| Issue months | Months | $25 value | $100 value | Change per $25 | Interest stopped | Year page |
|---|---|---|---|---|---|---|
| December 1947 | 1 | $131.41 | $525.64 | Dec 1, 1987 | 1947 Series E savings bond value | |
| January to April 1948 | 4 | $131.41 | $525.64 | none | Jan 1 to Apr 1, 1988 | this page |
| May 1948 | 1 | $131.09 | $524.36 | minus $0.32 | May 1, 1988 | |
| June to October 1948 | 5 | $133.23 | $532.92 | plus $2.14 | Jun 1 to Oct 1, 1988 | |
| November 1948 | 1 | $134.51 | $538.04 | plus $1.28 | Nov 1, 1988 | |
| December 1948 | 1 | $136.69 | $546.76 | plus $2.18 | Dec 1, 1988 | |
| January to April 1949 | 4 | $136.69 | $546.76 | none | Jan 1 to Apr 1, 1989 | 1949 Series E savings bond value |
Note: May 1948 is the first Series E issue month in the value file worth less than the month before it; from May 1941 to April 1948 no month is worth less than the one before.
Source: Bureau of the Fiscal Service, Savings Bonds Value Files (Fiscal Data, dataset 015-BFS-2014Q3-094, updated November 2, 2026), redemption month November 2026. Values for each face value are the file's $25-unit value times face/25; Series E values have not changed since final maturity.
What a 1948 Bond Cost and How It Grew for 40 Years
A 1948 Series E bond cost 75% of its face value, $18.75 for a $25 bond and $75 for a $100 bond, and grew in value until 1988 (31 CFR 316.2(b)).
Treasury pays interest only when you cash the bond (31 CFR 315.30): $112.34 to $117.94 on a $25 bond, $449.36 to $471.76 on a $100 bond. Half of face is a Series EE price.
Which Face Values Were Issued in 1948: Seven, From $10 to $1,000
Treasury's calculator prices 1948 Series E bonds in 7 face values in all 12 months: $10, $25, $50, $100, $200, $500 and $1,000.
- $10: $7.50
- $25: $18.75
- $50: $37.50
- $100: $75
- $200: $150
- $500: $375
- $1,000: $750
The $10 bond is priced for June 1944 to March 1950 issues and the $200 from October 1945. No $75, $10,000 or $5,000 Series E bond exists for 1948.
Which Savings Bonds Were Sold in 1948: Series E, F and G
A savings bond bought in 1948 is one of 3 series: Series E (75% of face), Series F (74% of face) or Series G (bought at face). F and G ran 12 years and are cashed only by mail with FS Form 1522.
Table 3: Savings bonds sold in 1948: Series E, F and G
| Attribute | Series E | Series F savings bonds | Series G |
|---|---|---|---|
| Price | 75% of face | 74% of face | face value |
| Interest | added to the value | added to the value (12 years) | paid every 6 months |
| Interest stopped | 40 years after issue (1988) | 12 years after issue (1960, our calculation) | 12 years after issue (1960, our calculation) |
| Paid today | Table 1 value ($131.09 to $136.69 per $25) | face value | face plus a final $1.25 per $100 |
| Where to cash | a financial institution that cashes savings bonds, or FS Form 1522 by mail | FS Form 1522 by mail | FS Form 1522 by mail |
Sources: 31 CFR 316.2(b); 31 CFR 315.35(b), (d); TreasuryDirect historical and retired bonds page (as of November 11, 2026).
Series A to D ended in April 1941; Series H, J and K began in 1952.
How to Find the Exact Value of Your 1948 Savings Bond
Treasury prices a 1948 Series E bond by its issue month and face value; the serial number and the name printed on it do not change the value. Our savings bond calculator, built on Treasury's published value files, prices paper Series E bonds.
- Check that the bond says Series E.
- Read the issue date on a paper savings bond: month and year, upper right (31 CFR 316.2(d)).
- Ignore the validation date, lower right.
- Read the face value.
- Find the row and column in Table 1; a May 1948 date reads lower than April.
TreasuryDirect's calculator is Treasury's free tool and marks Series E bonds "MA". A 1948 bond carries no Social Security number (required from January 1, 1974, 31 CFR 316.2(c)(1)).
Cashing a 1948 Savings Bond and Reporting Its Interest
A 1948 Series E bond is cashed at a financial institution that cashes savings bonds or by mail with FS Form 1522, and Treasury charges no fee. See how to cash savings bonds.
Banks may cash paper bonds but need not (FS Publication 0022, Rev. October 2022) and may not charge you (31 CFR 321.23(c)). You write your Social Security number on the bond (31 CFR 315.39(a)).
The mail route uses FS Form 1522 (Revised April 2026; PDF, TreasuryDirect), sent with the bond to Treasury Retail Securities Services, P.O. Box 9150, Minneapolis, MN 55480-9150.
Payment is by direct deposit and takes, Treasury says, 3 months or longer in your name, 5 months or longer if not (TreasuryDirect, November 11, 2026). You can cash by mail with FS Form 1522.
A notary or certifying officer (an official who may certify signatures) must certify your signature only above $1,000. Every 1948 $200 bond is above it ($1,048.72 to $1,093.52), as are two January $100 bonds ($1,051.28). A December $100, $50 and $25 bond together ($956.83) need only ID.
Tax Year 1988: When Interest on a 1948 Bond Was Reportable
Interest on a 1948 bond that was never cashed became reportable for tax year 1988, the year of its final maturity, unless the owner reported it yearly or cashed the bond earlier (31 CFR 316.9; 26 U.S.C. 454; IRS Publication 550).
The interest on a $100 bond is $449.36 to $471.76. It is federal income tax only, not state or local (31 CFR 316.9(a)). Ask a tax professional about a missed year; see federal tax on savings bond interest.
Lost, Found or Inherited 1948 Bonds
Five situations change what an owner or heir does with a 1948 bond: lost, inherited, inherited with unreported interest, found, or held in Treasury records.
Table 4: Lost, found or inherited 1948 bonds
| Situation | Rule for a 1948 bond | Link |
|---|---|---|
| Lost, stolen or destroyed | Claim on FS Form 1048 (Revised March 2026). Claims 6 years or more after final maturity need the serial number (31 CFR 315.29(c)); for 1948 bonds that is December 1994 at the latest (our calculation). Treasury Hunt has been unavailable since September 30, 2025. | FS Form 1048 claim for lost, stolen or destroyed savings bonds |
| Owner has died | The surviving "OR" co-owner or the P.O.D. (payable-on-death) beneficiary takes the bond, otherwise the estate (31 CFR 315.70). | savings bonds after death |
| Inherited, interest never reported | If the owner died before the bond's final maturity, interest earned before death is income in respect of a decedent unless reported on the owner's final return. If the owner was alive at final maturity, the interest was reportable for that year (26 CFR 1.454-1(a)(1); IRS Publication 550). | taxes on inherited savings bonds |
| Found among papers | The value comes from Table 1. Check the owner name, co-owner and beneficiary before cashing. | found old savings bonds |
| Held in Treasury records, not in hand | A bond over 3 years past final maturity may be shared with a State that has an information-sharing agreement (31 U.S.C. 3105(f)); none is publicly known as of November 11, 2026 (89 FR 102735, December 18, 2024). | unclaimed savings bonds |
Other Issue Years and Face Values
The same tables cover the neighboring issue years and every face value.
- 1946 Series E savings bond value
- 1947 Series E savings bond value
- 1949 Series E savings bond value
- 1950 Series E savings bond value
- $10 savings bond worth (Series E values by issue year)
- $25 savings bond worth
- $50 savings bond worth
- $100 savings bond worth
- $200 savings bond worth
- $500 savings bond worth
- $1,000 savings bond worth
1948 Savings Bond FAQ
How much is a $25 savings bond from 1948 worth today?
A $25 savings bond from 1948 is worth $131.09 to $136.69 in November 2026, a final value by issue month. It cost $18.75.
How much is a $100 savings bond from 1948 worth?
A $100 savings bond from 1948 is worth $524.36 (May issue) to $546.76 (December issue) in November 2026; it cost $75.
How much is a $1,000 savings bond from 1948 worth?
A $1,000 savings bond from 1948 is worth $5,243.60 to $5,467.60 in November 2026; it cost $750.
Can you still cash a 1948 Series E savings bond?
Yes: a 1948 Series E bond can be cashed at any time and does not expire (31 CFR 315.35(c); EO 13968, 85 FR 83745). It has earned nothing since 1988.
Is a 1948 savings bond worth more to a collector?
Treasury pays a 1948 bond's redemption value, $131.09 to $136.69 per $25 in November 2026, and no collector premium. Treasury pays only the owner or a person entitled (31 CFR 315.39(b)).
Will a 1948 savings bond be worth more next year?
No: a 1948 bond's value stays the same next year, because interest stopped in 1988. The files show one figure from May 1992 to May 2027.
Is a $200 savings bond from 1948 worth more than $1,000?
Yes: a $200 Series E bond issued in 1948 is worth $1,048.72 (May) to $1,093.52 (December) in November 2026; it cost $150. By mail it needs a certified signature.
Claiming from Treasury and from state programs costs nothing, and the forms are free. Found bonds you cannot cash, or a relative's bonds? ClaimMyBonds is a private company, not the government; we can help with the paperwork, tracing and follow-up.