The authors investigated whether underconfidence in judgments of learning (JOLs) is pervasive across multiple study-test trials as suggested by A. Koriat, L. Sheffer, and H. Ma'ayan (2002) or whether underconfidence with practice (UWP) might be a kind of anchoring-and-adjustment effect, such that the occurrence or nonoccurrence of the UWP effect depends on whether recall is above a psychological anchor. Participants studied normatively difficult items or normatively easy items and made immediate JOLs or delayed JOLs. The UWP effect occurred for easy items, but for difficult items an overconfidence-with-practice (OWP) effect occurred for delayed JOLs and no bias occurred for immediate JOLs. The systematic occurrence of all 3 outcomes establishes boundary conditions for the UWP effect and confirms the hypothesis that underconfidence (or the lack thereof) may arise at least in part from an anchoring-and-adjustment mechanism.