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A memory-based scaling model—ANCHOR—is proposed and tested. The perceived magnitude of the target stimulus is compared with a set of anchors in memory. Anchor selection is probabilistic and sensitive to similarity, base-level strength, and recency. The winning anchor provides a reference point near the target and thereby converts the global scaling problem into a local comparison. An explicit correction strategy determines the final response. Two incremental learning mechanisms update the locations and base-level activations of the anchors. This gives rise to sequential, context, transfer, practice, and other dynamic effects. The scale unfolds as an adaptive map. A hierarchy of models is tested on a battery of quantitative measures from 2 experiments in absolute identification and category rating.