A 30-year-old single woman came to analysis because of anxiety, guilt and a sense of being bad. After two years of analysis that focused primarily on her relationship with her family members, an unconscious fantasy of having a penis was uncovered. The origin of the fantasy was traced to the narcissistic crisis and the birth of her brother, and as an attempt to regain the loss of mother's love. However, other meanings were added during subsequent developmental stages; namely, the fantasy penis was an umbilical cord that connected her with her mother, it bestowed power and licence to do whatever one wants and was a shield against father's subtle breach of the oedipal fantasies. The resolution of the fantasy passed through a stage of losing the penis and ending up with 'nothing' before a vagina could be experienced as a natural way to be.