diff --git a/electrum b/electrum
index 1454e9e6..69cdb563 100755
--- a/electrum
+++ b/electrum
@@ -504,7 +504,7 @@ if __name__ == '__main__':
     elif cmd == 'password':
         try:
             seed = wallet.pw_decode( wallet.seed, password)
-        except StandardError:
+        except ValueError:
             sys.exit("Error: Password does not decrypt this wallet.")
 
         new_password = prompt_password('New password:')