his paper explores whether the concept of psychological contracts underpinned by relational/transactional exchanges provides an adequate description of the psychological contracts of professional employees. Interviews were conducted with registered nurses at a hospital that is the sole public sector provider of a broad range of medical and nursing services in the city. The analysis identifies content of the psychological contract for the registered nurse best understood by reference to an ideological currency. It also suggests that the registered nurses expect the organization to demonstrate a credible commitment and support for 3 core elements in nursing's professional ideology - specialist expertise, patient (client) focus, and an other-orientation. A lack of perceived credible commitments by the organization impacts significantly upon the psychological contract of individual registered nurses.