A WOMAN jailed in 2010 for sex offences committed 33 years ago against two boys aged 8 has been freed after Victoria's highest court quashed her convictions and acquitted her.

Three Court of Appeal judges acted after a barrister for the woman, who was then a primary school teacher, submitted there was a ''real possibility an innocent person has been convicted''.

''It hasn't sunk in yet.'' ... Josephine Greensill. Credit:Joe Armao

Josephine Greensill served almost 2½ years after a jury found her guilty of offences allegedly committed in 1979. Her release followed allegations that her accusers had colluded against her.

Ms Greensill, 61, said she wept after her acquittal and was ''too scared'' to believe her ''horrendous experience'' was over.