A homomorphism α : A → B between abelian groups A, B is called a localization of A if for each ϕ ∈ Hom(A, B) there is a unique ψ ∈ End(B) such that ϕ = ψ • α. It is well known that if A = Z, then B is an E-ring and α(1) is the identity of B. We investigate localizations of rank-1 groups A = L ⊂ Q of type τ . It turns out that localizations of L can be surprisingly complicated. If α : L → M is a localization and L is a subring of Q, then M is simply an E-ring that is also an L-module. If L is not a subring, things get more complicated. If M = M(τ ), then tensor products of L and E-rings come into play. It is possible that M = M(τ ), and we can say very little in this case. Another topic under consideration are localizations of E-rings. Frequently, localizations of E-rings are E-rings again, but we find examples where this is not the case. 2004 Elsevier Inc. All rights reserved.