Images of women in the contemporary drug economy are highly mixed. Most scholars emphasize change in women's roles, some emphasize continuity, and others suggest that both change and continuity are evident. At issue is whether an increased share of women were involved in selling and higher-level distribution roles in the crack cocaine markets of the late 1980s and early 1990s, compared to the heroin markets of the 1960s and 1970s. We present the results of an ethnographic study of women drug users conducted during 1989-92 in a New York City neighborhood. Contrary to those who suggest that crack cocaine markets have provided "new opportunities" for women, we find that such opportunities were realized by men. At the same time, the conditions of street-level sex work, which has traditionally provided women drug users with a relatively stable source of income, have deteriorated.