A pre-load indicating washer in which a plurality of protuberances, struck and partially sheared from the annular body of the washer, are pushed under load back into a corresponding of indentations in the annular body which are formed when the protuberances are formed. The walls of the protuberances and the walls of the indentations are arranged so that when the protuberances are "collapsed" back into the indentations, there is minimal frictional resistance as the walls of the protuberances slide past the walls of the indentations.