Intracellular electrodes were inserted into single photoreceptor units of the excised lateral eye of Limulus, and preparations were selected from which graded receptor potentials of relatively large amplitude could be recorded in response to light stimuli. The experimental data indicated that the graded receptor potential does not arise solely from a collapse of the resting membrane potential of the sensory cells of the eye, since a reversal of polarity of the photoreceptor unit could be demonstrated when the eye was stimulated by light. In the recovery period following stimulation, characteristic changes in the so-called resting potential were recorded. It is suggested that these changes in the so-called resting membrane potential are electrical signs of recovery processes occurring in the photoreceptor, because the potential changes were recorded when the eye was in darkness and because the magnitudes of the potential changes were a predictable function of the intensity and duration parameters of the preceding light stimulus.