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A friend of mine just bought a '48 and was wondering what engine and tranny were available in 1948. It has a flathead 6 with what looks to be a 5 speed on the floor. I will try to get the vin later and post it.
I believe the inline flathead 6 was 226 cubic inches and made approx 100 horsepower. All in all a good engine (almost the same power as the flathead V8 but none of the overheating and crackign issues)
I don't believe they had a 5 speed back then. It should either be a 3spd or a 4spd. Probably a 4spd (which would have 5 positions for the sifter). The 4spd is effectively a 3speedw ith a granny gear. Normal driving would have you starting off in 2nd and shifting up from there. The 1st gear, is a granny gear with a real low ration used to get the truck moving with a heavy load.
Once you post the VIN# there are several gurus here who can decipher it for you
If it's a very early '48, rumor has it there's a slight chance your friend's 48 half-ton could have the early "G" series flathead 6 - in which case the vin/serial number would start with prefix 71GC and it would look like a '47 with the older sheetmetal - the serial number would be stamped on the transmission half-bell.
Otherwise if it's an F1 and the vin would start with 87HC. This one is the "H" series 6 cylinder. Both are 226 ci but some internal parts changed.
The 48 F series started Jan 16, 1948. Thus, anything is possible but you're looking for evidence of a G or H on engine part numbers. Model number of the truck would also indicate which it had.