The "good is up" metaphor which links valence and verticality was found to influence affective judgement and to direct attention (Meier & Robinson, 2004), but its effects on memory remain unclear with contradictory research findings. In order to provide a more accurate assessment of memory components involved in recognition, such as item memory and source guessing biases, a standard source monitoring paradigm (Johnson et al., 1993) was applied in this research. A series of three experiments, provided a conceptual replication and extension of Crawford et al's (2014) Experiment 2 and yielded a consistent result pattern suggesting that the "good is up" metaphor biases participants' guessing of source location. That is, when source memory failed, participants were more inclined to guess the "up" location for positive items versus "down" location for negative items. It did, however, not affect source memory or item memory for valenced stimuli learned from metaphor-congruent versus incongruent locations (i.e., no metaphor-(in)congruent effects in memory). We suggest that the "good is up" metaphor may affect cognitive processes in a more subtle way than originally suggested.