This paper explores whether the concept of psychological contracts underpinned by relational/transactional exchanges provides an adequate description of knowledge workers' contracts. Interviews were conducted with scientists from the CSIRO. The analysis identified content of the psychological contract for the knowledge worker best understood by reference to an ideological currency. It raises questions over the role of normative occupation-specific beliefs about work, and the sharing of common currency elements by individuals in the same organization within the same occupation. The analysis lends support to calls in the literature for a reconsideration of the transactional/relational interpretative framework that underpins the psychological contract.