Index: Lib/test/pickletester.py
===================================================================
--- Lib/test/pickletester.py	(revision 77421)
+++ Lib/test/pickletester.py	(working copy)
@@ -124,6 +124,21 @@
 class use_metaclass(object):
     __metaclass__ = metaclass
 
+class pickling_metaclass(type):
+    def __cmp__(self, other):
+        r = cmp(type(self), type(other))
+        if r:
+            return r
+        return cmp(self.reduce_args, other.reduce_args)
+
+    def __reduce__(self):
+        return (create_dynamic_class, self.reduce_args)
+
+def create_dynamic_class(name, bases):
+    result = pickling_metaclass(name, bases, dict())
+    result.reduce_args = (name, bases)
+    return result
+
 # DATA0 .. DATA2 are the pickles we expect under the various protocols, for
 # the object returned by create_data().
 
@@ -609,6 +624,14 @@
             b = self.loads(s)
             self.assertEqual(a.__class__, b.__class__)
 
+    def test_dynamicclass(self):
+        a = create_dynamic_class("my_dynamic_class", (object,))
+        copy_reg.pickle(pickling_metaclass, pickling_metaclass.__reduce__)
+        for proto in protocols:
+            s = self.dumps(a, proto)
+            b = self.loads(s)
+            self.assertEqual(a, b)
+
     def test_structseq(self):
         import time
         import os
Index: Lib/pickle.py
===================================================================
--- Lib/pickle.py	(revision 77421)
+++ Lib/pickle.py	(working copy)
@@ -286,20 +286,20 @@
             f(self, obj) # Call unbound method with explicit self
             return
 
-        # Check for a class with a custom metaclass; treat as regular class
-        try:
-            issc = issubclass(t, TypeType)
-        except TypeError: # t is not a class (old Boost; see SF #502085)
-            issc = 0
-        if issc:
-            self.save_global(obj)
-            return
-
         # Check copy_reg.dispatch_table
         reduce = dispatch_table.get(t)
         if reduce:
             rv = reduce(obj)
         else:
+            # Check for a class with a custom metaclass; treat as regular class
+            try:
+                issc = issubclass(t, TypeType)
+            except TypeError: # t is not a class (old Boost; see SF #502085)
+                issc = 0
+            if issc:
+                self.save_global(obj)
+                return
+
             # Check for a __reduce_ex__ method, fall back to __reduce__
             reduce = getattr(obj, "__reduce_ex__", None)
             if reduce:
Index: Modules/cPickle.c
===================================================================
--- Modules/cPickle.c	(revision 77421)
+++ Modules/cPickle.c	(working copy)
@@ -2701,11 +2701,6 @@
 		}
 	}
 
-	if (PyType_IsSubtype(type, &PyType_Type)) {
-		res = save_global(self, args, NULL);
-		goto finally;
-	}
-
 	/* Get a reduction callable, and call it.  This may come from
 	 * copy_reg.dispatch_table, the object's __reduce_ex__ method,
 	 * or the object's __reduce__ method.
@@ -2721,6 +2716,11 @@
 		}
 	}
 	else {
+	        if (PyType_IsSubtype(type, &PyType_Type)) {
+		        res = save_global(self, args, NULL);
+		        goto finally;
+		}
+
 		/* Check for a __reduce_ex__ method. */
 		__reduce__ = PyObject_GetAttr(args, __reduce_ex___str);
 		if (__reduce__ != NULL) {