diff --git a/src/embed_tests/TestPythonException.cs b/src/embed_tests/TestPythonException.cs
index a5c2353a6..9a3343460 100644
--- a/src/embed_tests/TestPythonException.cs
+++ b/src/embed_tests/TestPythonException.cs
@@ -113,6 +113,19 @@ public void InnerIsEmptyWithNoCause()
             Assert.IsNull(ex.InnerException);
         }
 
+        [Test]
+        public void TestErrorSetWithoutValue()
+        {
+            using var _ = Py.GIL();
+            // what PyErr_SetNone does, as C extensions use it: the error's value stays NULL until it is normalized
+            Runtime.Runtime.PyErr_SetObject(Exceptions.ValueError.Reference, BorrowedReference.Null);
+
+            var ex = Assert.Throws<PythonException>(() => PythonException.ThrowLastAsClrException());
+
+            Assert.AreEqual("ValueError", ex.Type.Name);
+            Assert.IsTrue(Runtime.Runtime.PyErr_Occurred().IsNull);
+        }
+
         [Test]
         public void TestPythonExceptionFormat()
         {
diff --git a/src/runtime/PythonException.cs b/src/runtime/PythonException.cs
index 129668239..9f26e3a8d 100644
--- a/src/runtime/PythonException.cs
+++ b/src/runtime/PythonException.cs
@@ -111,10 +111,11 @@ internal static PythonException FetchCurrentRaw()
 
             try
             {
-                var normalizedValue = new NewReference(value.Borrow());
+                // an error set without a value, as PyErr_SetNone does, only gets one once normalized
+                var normalizedValue = new NewReference(value.BorrowNullable(), canBeNull: true);
                 Runtime.PyErr_NormalizeException(type: ref type, val: ref normalizedValue, tb: ref traceback);
 
-                return FromPyErr(typeRef: type.Borrow(), valRef: value.Borrow(), nValRef: normalizedValue.Borrow(), tbRef: traceback.BorrowNullable(), out dispatchInfo);
+                return FromPyErr(typeRef: type.Borrow(), valRef: value.IsNull() ? normalizedValue.Borrow() : value.Borrow(), nValRef: normalizedValue.Borrow(), tbRef: traceback.BorrowNullable(), out dispatchInfo);
             }
             finally
             {