As a part of our on-going study on silver vanadium phosphorous oxides (Ag x V y O z PO4), we report here the first study of the electrochemical reduction of a low Ag/V ratio silver vanadium phosphorous oxide, Ag0.48VOPO4·1.9H2O. Reminiscent of Ag2VO2PO4 reduction, in situ formation of silver metal nanoparticles along with an associated increase in conductivity were observed after reduction of Ag0.48VOPO4·1.9H2O with 0.37 electron equivalents. However, in contrast to our lithium/Ag2VO2PO4 cells, our lithium/Ag0.48VOPO4·1.9H2O cells displayed an even higher voltage on discharge and a characteristic multi-plateau voltage profile, where vanadium reduction was the first reduction step.