Diatomic carbon, C2, has been variously described as having a double, triple, or quadruple bond. In this article, we report full generalized valence bond (GVB) calculations on C2. The GVB wave function-more accurate than the Hartree-Fock wave function and easier to interpret than traditional multiconfiguration wave functions-is well-suited for characterizing the bonding in C2. The GVB calculations show that the electronic wave function of C2 is not well described by a product of singlet-coupled, shared electron pairs (perfect pairing), which is the theoretical basis for covalent chemical bonds. Rather, C2 is best described as having a traditional covalent σ bond with the electrons in the remaining orbitals of the two carbon atoms antiferromagnetically coupled. However, even this description is incomplete as the perfect pairing spin function also makes a significant contribution to the full GVB wave function. The complicated structure of the wave function of C2 is the source of the uncertainty about the nature of the bonding in this molecule.