The number of synapses in the adult, female hippocampal CA1 region fluctuates naturally across the estrous cycle in an ovarian steroid-dependent manner. This phasic variation in synapse number occurs without identifiable degenerating synapses. Ultrastructural correlates of the dynamic aspect of this synapse loss and synapse formation thus remain undescribed. During early development, one hallmark of synaptogenesis is the presence of free postsynaptic densities (PSDs). Here we report that the incidence of free PSDs in CA1 fluctuates across the rat estrous cycle. The number of free PSDs is greatest on the afternoon of proestrus and is significantly decreased on the afternoon of estrus, 24 h later. We hypothesize that these free PSDs reflect synapse turnover in the adult CA1 region.