A process for the catalytic conversion of methanol to formaldehyde wherein a gas stream containing methanol and oxygen is contacted with a silver catalyst in a first conversion zone containing a silver catalyst to produce an effluent containing formaldehyde, unreacted methanol, and oxidation byproducts; and contacting the first zone effluent with a copper catalyst in a second conversion zone for further conversion of the unreacted methanol. No molecular oxygen is added to the first stage effluent or to the second conversion zone.