diff --git a/include/pybind11/detail/type_caster_base.h b/include/pybind11/detail/type_caster_base.h
index ff80c4b0b..01312f14e 100644
--- a/include/pybind11/detail/type_caster_base.h
+++ b/include/pybind11/detail/type_caster_base.h
@@ -471,24 +471,22 @@ PYBIND11_NOINLINE bool isinstance_generic(handle obj, const std::type_info &tp)
 }
 
 PYBIND11_NOINLINE std::string
-error_string(PyObject **exc_type, PyObject **exc_value, PyObject **exc_trace) {
-    if (*exc_type == nullptr) {
+error_string(PyObject *exc_type, PyObject *exc_value, PyObject *exc_trace) {
+    if (exc_type == nullptr) {
         pybind11_fail(
             "Internal error: pybind11::detail::error_string() called with exc_type == nullptr");
     }
 
-    PyErr_NormalizeException(exc_type, exc_value, exc_trace);
-
-    auto result = handle(*exc_type).attr("__name__").cast<std::string>();
+    auto result = handle(exc_type).attr("__name__").cast<std::string>();
     result += ": ";
 
-    if (*exc_value) {
-        result += (std::string) str(*exc_value);
+    if (exc_value) {
+        result += (std::string) str(exc_value);
     }
 
-    if (*exc_trace) {
+    if (exc_trace) {
 #if !defined(PYPY_VERSION)
-        auto *tb = reinterpret_cast<PyTracebackObject *>(*exc_trace);
+        auto *tb = reinterpret_cast<PyTracebackObject *>(exc_trace);
 
         // Get the deepest trace possible.
         while (tb->tb_next) {
@@ -531,7 +529,8 @@ error_string(PyObject **exc_type, PyObject **exc_value, PyObject **exc_trace) {
 
 PYBIND11_NOINLINE std::string error_string() {
     error_scope scope; // Fetch error state.
-    return error_string(&scope.type, &scope.value, &scope.trace);
+    PyErr_NormalizeException(&scope.type, &scope.value, &scope.trace);
+    return error_string(scope.type, scope.value, scope.trace);
 }
 
 PYBIND11_NOINLINE handle get_object_handle(const void *ptr, const detail::type_info *type) {
diff --git a/include/pybind11/pytypes.h b/include/pybind11/pytypes.h
index 847ca34f3..dbd2c9fe1 100644
--- a/include/pybind11/pytypes.h
+++ b/include/pybind11/pytypes.h
@@ -364,7 +364,7 @@ T reinterpret_steal(handle h) {
 
 PYBIND11_NAMESPACE_BEGIN(detail)
 std::string error_string();
-std::string error_string(PyObject **, PyObject **, PyObject **);
+std::string error_string(PyObject *, PyObject *, PyObject *);
 
 inline const char *obj_class_name(PyObject *obj) {
     if (Py_TYPE(obj) == &PyType_Type) {
@@ -396,6 +396,7 @@ public:
             PyErr_SetString(PyExc_RuntimeError, m_lazy_what.c_str());
         }
         PyErr_Fetch(&m_type.ptr(), &m_value.ptr(), &m_trace.ptr());
+        PyErr_NormalizeException(&m_type.ptr(), &m_value.ptr(), &m_trace.ptr());
     }
 
     error_already_set(const error_already_set &) = default;
@@ -409,7 +410,7 @@ public:
     const char *what() const noexcept override {
         if (m_lazy_what.empty()) {
             try {
-                m_lazy_what = detail::error_string(&m_type.ptr(), &m_value.ptr(), &m_trace.ptr());
+                m_lazy_what = detail::error_string(m_type.ptr(), m_value.ptr(), m_trace.ptr());
                 // Negate the if condition to test the catch(...) block below.
                 if (m_lazy_what.empty()) {
                     throw std::runtime_error(
@@ -461,7 +462,8 @@ public:
     //  if already set).
     void restore() {
         // As long as this type is copyable, there is no point in releasing m_type, m_value,
-        // m_trace.
+        // m_trace, but simply holding on the the references makes it possible to produce
+        // what() even after restore().
         PyErr_Restore(m_type.inc_ref().ptr(), m_value.inc_ref().ptr(), m_trace.inc_ref().ptr());
     }