Circular ("V-mode") polarization is expected to be vanishing in the CMB, since it is not produced in Thomson scattering. However, considering that the conventional CMB anisotropies are generated via an early universe mechanism such as inflation or a bouncing scenario, it is possible that circular polarization could be primordially produced and survive to the surface of last scattering. We study this in detail, and find a large class of inflationary models that produce a nearly scale invariant spectrum of scalar V-mode anisotropies. We study the inflationary production and subsequent evolution via the Boltzmann hierarchy, and show that V-mode polarization present in the CMB is suppressed by a factor of at least 10 10 20 relative to the primordial V , consistent with expectation of negligible V-mode polarization from inflation. We consider alternative possibilities for sourcing V primordially, such as the V-mode polarization induced by circularly polarized primordial gravitational waves, or producing V after inflation, via new interactions at recombination.