For proteins that contain a disulfide bond, stability is linked thermodynamically to thiol-disulfide exchange. We use this relationship to obtain unfolding free energies for both the reduced and oxidized forms ofEscherichia coli thioredoxin from measurements of the effective concentrations of protein thiols. We then evaluate the effect of an amino acid substitution on disulfide bond formation in both the native and denatured states of the protein. Although the Pro-34 Ser substitution in thioredoxin results in a decrease of the effective concentration of protein thiols in the native state, the effective concentration increases in the denatured state. The net effect of the amino acid substitution is to increase the stability of reduced thioredoxin by -2.4 kcal/mol, whereas the stability of the oxidized protein remains the same. By assuming a two-state unfolding equilibrium and a mutation free energy of -7.7 kcal/mol for the Pro-34 -* Ser substitution in the reduced, urea-unfolded state (based on estimates of solvation and entropic changes), we obtain relative free energies for the native and denatured states of the mutant and wild-type proteins, in both the reduced and oxidized forms.The ratio between K1 and K2 can be obtained by measuring the effective concentration (Cuff) of the protein thiols in the native and unfolded states. Creighton introduced the concept of Ccff as a useful way to think about linkage relationships in protein stability (6). The Cuff of two interacting groups is the ratio of rate or equilibrium constants of otherwise identical intra-and intermolecular reactions (7). For a protein with two cysteines that can form a disulfide bond, Cuff can be obtained by comparing the pseudo equilibrium constant for disulfide bond formation in the protein (Kinta)