In the first phase of each of two experiments, participants learned to associate a set of labels (i.e., consonant-vowel-consonant [CVC]) with a set of line lengths by using a paired-associate learning procedure. In the second phase of each experiment, these learned labels were used as memorial standards in the method of constant stimuli. Psychometric functions and the associated indices of discriminative performance (i.e., Weber fractions [WFs], just noticeable difference, and point of subjective equality) were then obtained for the remembered standards. In Experiment 1, WFs (i.e., the indices of memory precision) obtained with remembered standards were found to be higher (i.e., had poorer discriminability) than were WFs obtained with perceptual standards. In addition, WFs obtained with the remembered standards exhibited serial position effects (i.e., poorer discriminability for central items in the memory ensemble) and systematically varied with set size (i.e., the number of standards in the memory set), but WFs obtained with perceptual standards did not depend on serial position or set size. In Experiment 2, increasing the number of acquisition trials reduced WFs and diminished serial position effects. In addition, WFs did not vary systematically with the "physical" spacing between the standards in memory, but they did with the ordinal spacing. The results are consistent with a noisy analogue representation of remembered magnitudes, whereby central items in a memory ensemble are subject to lateral inhibition and thus reduced discriminability. Finally, presentation order effects, as defined by the classic time-order error, were observed with purely perceptual comparisons but not with comparisons involving a remembered standard. This latter finding is inconsistent with a strong form of the functional equivalence view of perception and memory.