The Wadsley Na 0.33V 2O 5-β structure is reexamined to demonstrate how the detailed atomic positions provide important information about the physical properties. After a review of the evidence for identifiable V 4+ ions, it is shown how, from the bond distances, to distinguish triple, double and single VO bonding with the d orbitals. From this analysis, it follows that the x electrons donated to the vanadium-oxygen array by M + ions are located in the d yz orbitals at positions V 1. Furthermore, consistency with the known properties of other vanadium oxides requires that the linear units V 2O 1V 2 form molecular d-state orbitals. It is noted that this changes the statistics entering the conventional formula for the small-polaron contribution to the Seebeck coefficient. Finally, the creation of a similar V 3O 7′V 3 d-state molecular unit is postulated for each M + ion that is introduced. It is argued that this analysis is supported by the following experimental results: (1) In the system Na x V 2− x Mo x O 5-β, the Mo atoms all go into V 2 positions if x ⩽ 0.33, but for x > 0.33 the V 2 positions contain ( 1 2 ) Mo + ( 1 2 ) V , presumably as Mo 6+O 1V 4+ units, and the excess ( x − 0.33) Mo atoms per formula unit occupy V 3 positions. (2) The Seebeck coefficient is accounted for without any adjustable parameter provided the linear units V 2O 1V 2 and one V 3O 7′V 3 per M + ion are counted as single available sites for small-polaron hopping. (3) Variation with x of the activation energy for electron hopping and of the magnetic susceptibility per small polaron extrapolate to collective-electron values for x > 0.67, which is consistent with a band of collective-electron orbitals of a V 3O 7′ array overlapping the energy of the d yz orbitals at V 1 sites for larger values of x. (4) The V 1V 1′ separation is too large for a small activation energy for conduction within the V 1 sublattice, but the large anisotropy for conductivity would also be consistent with conduction via the V 3O 7′ array. (5) The structure of Cu 0.60V 2O 5, which has the lower symmetry Cm, has atomic separations consistent with half of the V 1 sites of the Wadsley phase (symmetry C2 m ) donating electrons to half the Wadsley V 3O 7′ array. (6) The activation energy for conduction increases with y in the system Na 0.40V 2− y Mo y O 5-β. (7) The magnetic data is reviewed and, although not quantitatively accounted for because the magnetic properties of the excited states are not known, is shown to be consistent with a V 4+ ground state having its outer electron in the d yz orbital of a V 1 site.