The fish-eye sign originally described a scintigraphic pattern representing a benign thyroid adenoma. Two patients with clinically palpable nodules had a focus of functioning tissue within an area of decreased activity, or a fish-eye sign. The cytologic diagnosis for each was degenerating colloid nodule with a focus of thyroid follicular cells. Although this sign is not pathognomonic of a benign process, it has not yet been described in a malignant one. It may, therefore, prove helpful in minimizing a patient's concern that a nodule is malignant before it is aspirated.