The mechanism of the autoxidation of several aldehydes in the presence of Co11 and Co111 acetate was investigated in rapidly stirred acetic acid solutions. The kinetic parameters were determined. In the presence of Co" acetate the autoxidation of an aldehyde is inhibited by reduction of the chain carrying acylperoxy radicals by Co", while Co111 acetate, formed by this reaction, contributes to the initiation by oxidation of the aldehyde to acyl radicals. These combined effects explain the autocatalytic conversion of Co" into Co"1 acetate. In the absence of Co" acetate, the corresponding peracid is formed as the first stable product of the aldehyde autoxidation. Co1" acetate catalyzes the decomposition of these peracids with formation of acylperoxy radicals, which initiate a very fast autocatalytic oxidation of the aldehyde. At high concentrations Co1" acetate also participates in chain termination by oxidizing acyl radicals.