This paper takes up Freud’s analysis of Der Sandmann (1816), embodied in a 1919 article which proved itself paradigmatic to interpretations of E. T. A. Hoffmann’s work. In this article, the father of psychoanalysis renders several judgments about the argumentative structure of the romantic novella which, in Literary Studies, have been improperly attributed to Hoffmann himself. His aesthetical program would namely be one of an analyst of psychical mechanisms of his characters, thus revealing the author as an odd pundit of psychoanalytic theories much before their inception. It is as if the setup of the horrifying fantasy which characterizes his prose should come along an interpretative urge of the hidden areas of the psyche, so as to discred...