The distribution of vacancies and dislocation loops in quenched graphite has been studied by etching and decorating individual vacancies. Quenching in inert gases from 3100°C introduced less than 10−8vacancies per atom, and no dislocation loops. After quenching in vacuo from 3100°C, large portions of the crystals contained less than 10−10vacancies per atom, but most peripheral regions contained an abundance of vacancies and dislocation loops. A probable mechanism for vacancy injection and subsequent coagulation has been deduced. It is concluded that the energy of vacancy formation in graphite is larger than 6.6 eV.