We typically distinguish between V1 as an egocentric perceptual map and the hippocampus as an allocentric cognitive map. In this article we explain why V1 also functions as an egocentric cognitive map. To the extent that cognitive processing has been discussed in V1, it has focused on (a) the allocation of attention, (b) top-down influences on perception, and (c) the transition from egocentric perception to allocentric navigation. By contrast, in this article we argue that three well-documented functions of V1, namely (a) the estimation of distance from eye position, (b) the estimation of size from eye position and/or pictorial cues, and (c) the multisensory integration of vision with proprioception and hearing, are potentially better understood as post-perceptual cognitive inferences. We use this insight to explore V1 as the neural correlates of the visual perception / cognition distinction, and propose a low-level account of visual consciousness in contrast to mid-level accounts (recurrent processing theory; integrated information theory), and higher-level accounts (higher-order thought; global workspace theory). We conclude by outlining the implications of our account for the perception of depth, motion, and colour / illumination.