Bands with primarily v (C=O) and v (C=O) character in the spectra of 4‐hydroxycoumarin and its anion were identified by isotopic substitution with either 13C or deuterium. Two bands of each type were found for spectra of 4‐hydroxycoumarin in solution in chloroform, dioxane, or dimethylsulfoxide, with v (C=O) at 1704–1733 cm−1 and ∼ 1567 cm−1. Two bands, at 1618 and 1559 cm−1, are associated with v (C=C) in the spectrum of crystalline 4‐hydroxycoumarin monohydrate, but only a single v (C=O) band at ∼ 1655 cm−1 was observed. Anhydrous 4‐hydroxycoumarin has v (C=O) bands at ∼ 1700 cm−1 and a shoulder at ∼ 1670 cm−1. The strong band at 1660 cm−1 in the spectrum of 4‐hydroxycommarin anion in dimethylsulfoxide solution is due to a delocalized v (O = C = O) vibration, whereas the band at 1555 cm−1 has partial v (C=C) character and involves C(3) but not C(2), supporting a fully delocalized char structure for the anion. No evidence for the existence of the 2‐hydroxychromone tautomer was found, except in the case of anhydrous 4‐hydroxycoumarin in the solid state.