diff --git a/src/code/early-print.lisp b/src/code/early-print.lisp
index 78a6f73af..20c7932d7 100644
--- a/src/code/early-print.lisp
+++ b/src/code/early-print.lisp
@@ -85,8 +85,8 @@
 ;;; output like #1=#1#. The MODE parameter is used for detecting and
 ;;; correcting this problem.
 (defun check-for-circularity (object &optional assign (mode t))
-  (when (null *print-circle*)
-         ;; Don't bother, nobody cares.
+  (when (or (null *print-circle*) (null object))
+    ;; Don't bother, nobody cares.
     (return-from check-for-circularity nil))
   (let ((circularity-hash-table *circularity-hash-table*))
     (cond