diff --git a/wallet/wallet.c b/wallet/wallet.c
index 2260b5c29..9f59bb00f 100644
--- a/wallet/wallet.c
+++ b/wallet/wallet.c
@@ -2358,7 +2358,7 @@ int wallet_extract_owned_outputs(struct wallet *w, const struct wally_tx *wtx,
 			  type_to_string(tmpctx, struct bitcoin_txid,
 					 &utxo->outpoint.txid),
 			  blockheight ? " CONFIRMED" : "",
-			  is_coinbase == 0 ? " COINBASE" : "");
+			  is_coinbase ? " COINBASE" : "");
 
 		/* We only record final ledger movements */
 		if (blockheight) {