The natural, first order version of Peano's axioms (the theory T with 0, the successor function and an induction schema) is shown to possess the following nonstandard model: the natural numbers together with a collection of ‘infinite’ elements isomorphic to the integers. In fact, a complete list of the models of this theory is obtained by showing that T is equivalent to the apparently weaker theory with the induction axiom replaced by axioms stating that there are no finite cycles under the successor function and that 0 is the only non-successor.