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We present a Hamiltonian formulation of the Schwinger model on the circle in Coulomb gauge as a semi-bounded self-adjoint operator which is invariant under the modular group of large gauge transformations. There is a nontrivial action of on fermionic Fock space and its vacuum which plays a role analogous to that of the spectral flow in the formalism involving the infinite Dirac sea. The formulation allows (i) a description of the anomaly and its relation to this group action, and (ii) an explicit identification of the interacting vacuum which arises after the destabilization of the non-interacting vacuum in .

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