Just as a written word can be encoded and retained in memory verbally or visually, an odor might be retained as a verbal description or perceptual (olfactory) code. However, one view holds that olfactory memory in the short term does not exist as a separate perceptual code. This was examined in an experiment in which memory errors could be seen as deriving from the substitution of similar verbal or olfactory codes. The odorants presented for recall were divided into three groups: base odorants (which might be replaced in memory by similar verbal or olfactory representations), verbal foils (stimuli dissimilar to the base stimuli in odor but similar in name), and odor foils (the reverse). The substitution errors made in attempting to recall test odorants were classified as verbal or olfactory. A substantial proportion of the errors were olfactory, but verbal errors also occurred. These results support the presence of short-term perceptual olfactory memory rather than simply verbal encoding of olfactory perceptions.