A metastasizing ACTH‐secreting islet cell carcinoma was examined at autopsy. During life, the patient had elevated plasma ACTH and urinary and plasma cortisol. ACTH was assayed postmortem in the primary tumor. With the light microscope, the histologic features of the primary and metastatic tumor were characteristic of an islet cell carcinoma. Special stains for alpha granules, beta granules, and ACTH granules were negative. With the electron microscope, dense‐core granules were easily identified in the tumor. The granules were morphologically similar to those seen in the pituitary gland, in pituitary adenomas, and in other tumors known to produce ACTH.