diff --git a/src/init.cpp b/src/init.cpp
index 63c02ef4a..848047ef9 100644
--- a/src/init.cpp
+++ b/src/init.cpp
@@ -1546,8 +1546,6 @@ bool AppInit2(boost::thread_group& threadGroup, CScheduler& scheduler)
             key.MakeNewKey(true);
             if (!pwalletMain->SetHDMasterKey(key))
             	throw std::runtime_error("CWallet::GenerateNewKey(): Storing master key failed");
-            // ensure this wallet.dat can only be opened by clients supporting HD
-            pwalletMain->SetMinVersion(FEATURE_HD);
             }
             CPubKey newDefaultKey;
             if (pwalletMain->GetKeyFromPool(newDefaultKey)) {
diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
index f9d6ee671..f07b8c753 100644
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -1382,6 +1382,9 @@ bool CWallet::SetHDMasterKey(const CKey& key)
 {
     LOCK(cs_wallet);
 
+    // ensure this wallet.dat can only be opened by clients supporting HD
+    SetMinVersion(FEATURE_HD);
+    
     // store the key as normal "key"/"ckey" object
     // in the database
     // key metadata is not required