diff --git a/src/db.cpp b/src/db.cpp
index 9a904ec2e..ea6d46a6e 100644
--- a/src/db.cpp
+++ b/src/db.cpp
@@ -940,6 +940,7 @@ int CWalletDB::LoadWallet(CWallet* pwallet)
                 ssValue >> nMinVersion;
                 if (nMinVersion > CLIENT_VERSION)
                     return DB_TOO_NEW;
+                pwallet->LoadMinVersion(nMinVersion);
             }
             else if (strType == "cscript")
             {
diff --git a/src/db.h b/src/db.h
index 27479fef0..2611faa46 100644
--- a/src/db.h
+++ b/src/db.h
@@ -486,6 +486,11 @@ public:
         return Write(std::make_pair(std::string("setting"), strKey), value);
     }
 
+    bool WriteMinVersion(int nVersion)
+    {
+        return Write(std::string("minversion"), nVersion);
+    }
+
     bool ReadAccount(const std::string& strAccount, CAccount& account);
     bool WriteAccount(const std::string& strAccount, const CAccount& account);
     bool WriteAccountingEntry(const CAccountingEntry& acentry);
diff --git a/src/key.h b/src/key.h
index a57143b7d..4058f115f 100644
--- a/src/key.h
+++ b/src/key.h
@@ -114,7 +114,7 @@ public:
         return fCompressedPubKey;
     }
 
-    void MakeNewKey(bool fCompressed = true)
+    void MakeNewKey(bool fCompressed)
     {
         if (!EC_KEY_generate_key(pkey))
             throw key_error("CKey::MakeNewKey() : EC_KEY_generate_key failed");
diff --git a/src/keystore.cpp b/src/keystore.cpp
index 18e5c377d..e76f7790f 100644
--- a/src/keystore.cpp
+++ b/src/keystore.cpp
@@ -8,16 +8,6 @@
 #include "db.h"
 #include "script.h"
 
-std::vector<unsigned char> CKeyStore::GenerateNewKey()
-{
-    RandAddSeedPerfmon();
-    CKey key;
-    key.MakeNewKey();
-    if (!AddKey(key))
-        throw std::runtime_error("CKeyStore::GenerateNewKey() : AddKey failed");
-    return key.GetPubKey();
-}
-
 bool CKeyStore::GetPubKey(const CBitcoinAddress &address, std::vector<unsigned char> &vchPubKeyOut) const
 {
     CKey key;
diff --git a/src/keystore.h b/src/keystore.h
index 7eea02def..6757834bd 100644
--- a/src/keystore.h
+++ b/src/keystore.h
@@ -29,8 +29,6 @@ public:
     virtual bool HaveCScript(const uint160 &hash) const =0;
     virtual bool GetCScript(const uint160 &hash, CScript& redeemScriptOut) const =0;
 
-    // Generate a new key, and add it to the store
-    virtual std::vector<unsigned char> GenerateNewKey();
     virtual bool GetSecret(const CBitcoinAddress &address, CSecret& vchSecret, bool &fCompressed) const
     {
         CKey key;
diff --git a/src/wallet.cpp b/src/wallet.cpp
index 9d80f8afe..30590c80e 100644
--- a/src/wallet.cpp
+++ b/src/wallet.cpp
@@ -15,6 +15,23 @@ using namespace std;
 // mapWallet
 //
 
+std::vector<unsigned char> CWallet::GenerateNewKey()
+{
+    bool fCompressed = true; // default to compressed public keys
+
+    RandAddSeedPerfmon();
+    CKey key;
+    key.MakeNewKey(fCompressed);
+
+    // Compressed public keys were introduced in version 0.6.0
+    if (fCompressed)
+        SetMinVersion(59900);
+
+    if (!AddKey(key))
+        throw std::runtime_error("CWallet::GenerateNewKey() : AddKey failed");
+    return key.GetPubKey();
+}
+
 bool CWallet::AddKey(const CKey& key)
 {
     if (!CCryptoKeyStore::AddKey(key))
@@ -131,6 +148,32 @@ public:
     )
 };
 
+bool CWallet::SetMinVersion(int nVersion, CWalletDB* pwalletdbIn)
+{
+    if (nWalletVersion >= nVersion)
+        return true;
+
+    nWalletVersion = nVersion;
+
+    if (fFileBacked)
+    {
+        CWalletDB* pwalletdb = pwalletdbIn ? pwalletdbIn : new CWalletDB(strWalletFile);
+        if (nWalletVersion >= 40000)
+        {
+            // Versions prior to 0.4.0 did not support the "minversion" record.
+            // Use a CCorruptAddress to make them crash instead.
+            CCorruptAddress corruptAddress;
+            pwalletdb->WriteSetting("addrIncoming", corruptAddress);
+        }
+        if (nWalletVersion > 40000)
+            pwalletdb->WriteMinVersion(nWalletVersion);
+        if (!pwalletdbIn)
+            delete pwalletdb;
+    }
+
+    return true;
+}
+
 bool CWallet::EncryptWallet(const SecureString& strWalletPassphrase)
 {
     if (IsCrypted())
@@ -184,10 +227,11 @@ bool CWallet::EncryptWallet(const SecureString& strWalletPassphrase)
             exit(1); //We now probably have half of our keys encrypted in memory, and half not...die and let the user reload their unencrypted wallet.
         }
 
+        // Encryption was introduced in version 0.4.0
+        SetMinVersion(40000, pwalletdbEncryption);
+
         if (fFileBacked)
         {
-            CCorruptAddress corruptAddress;
-            pwalletdbEncryption->WriteSetting("addrIncoming", corruptAddress);
             if (!pwalletdbEncryption->TxnCommit())
                 exit(1); //We now have keys encrypted in memory, but no on disk...die to avoid confusion and let the user reload their unencrypted wallet.
 
diff --git a/src/wallet.h b/src/wallet.h
index 3fdef50c0..fea329778 100644
--- a/src/wallet.h
+++ b/src/wallet.h
@@ -25,6 +25,8 @@ private:
 
     CWalletDB *pwalletdbEncryption;
 
+    int nWalletVersion;
+
 public:
     mutable CCriticalSection cs_wallet;
 
@@ -33,18 +35,21 @@ public:
 
     std::set<int64> setKeyPool;
 
+
     typedef std::map<unsigned int, CMasterKey> MasterKeyMap;
     MasterKeyMap mapMasterKeys;
     unsigned int nMasterKeyMaxID;
 
     CWallet()
     {
+        nWalletVersion = 0;
         fFileBacked = false;
         nMasterKeyMaxID = 0;
         pwalletdbEncryption = NULL;
     }
     CWallet(std::string strWalletFileIn)
     {
+        nWalletVersion = 0;
         strWalletFile = strWalletFileIn;
         fFileBacked = true;
         nMasterKeyMaxID = 0;
@@ -61,11 +66,15 @@ public:
     std::vector<unsigned char> vchDefaultKey;
 
     // keystore implementation
+    // Generate a new key
+    std::vector<unsigned char> GenerateNewKey();
     // Adds a key to the store, and saves it to disk.
     bool AddKey(const CKey& key);
     // Adds a key to the store, without saving it to disk (used by LoadWallet)
     bool LoadKey(const CKey& key) { return CCryptoKeyStore::AddKey(key); }
 
+    bool LoadMinVersion(int nVersion) { nWalletVersion = nVersion; return true; }
+
     // Adds an encrypted key to the store, and saves it to disk.
     bool AddCryptedKey(const std::vector<unsigned char> &vchPubKey, const std::vector<unsigned char> &vchCryptedSecret);
     // Adds an encrypted key to the store, without saving it to disk (used by LoadWallet)
@@ -206,6 +215,8 @@ public:
     bool GetTransaction(const uint256 &hashTx, CWalletTx& wtx);
 
     bool SetDefaultKey(const std::vector<unsigned char> &vchPubKey);
+
+    bool SetMinVersion(int nVersion, CWalletDB* pwalletdbIn = NULL);
 };