diff -r e34b09c69dd3 Lib/pickle.py
--- a/Lib/pickle.py	Sat Mar 12 22:31:06 2011 -0500
+++ b/Lib/pickle.py	Sun Mar 13 10:51:54 2011 +0100
@@ -299,20 +299,20 @@
             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, type)
-        except TypeError: # t is not a class (old Boost; see SF #502085)
-            issc = 0
-        if issc:
-            self.save_global(obj)
-            return
-
         # Check copyreg.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, type)
+            except TypeError: # t is not a class (old Boost; see SF #502085)
+                issc = False
+            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:
diff -r e34b09c69dd3 Lib/test/pickletester.py
--- a/Lib/test/pickletester.py	Sat Mar 12 22:31:06 2011 -0500
+++ b/Lib/test/pickletester.py	Sun Mar 13 10:51:54 2011 +0100
@@ -116,6 +116,21 @@
 class use_metaclass(object, metaclass=metaclass):
     pass
 
+class pickling_metaclass(type):
+    def __eq__(self, other):
+        r = (type(self) == type(other))
+        if r:
+            return r
+        return (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().
 
@@ -690,6 +705,14 @@
             b = self.loads(s)
             self.assertEqual(a.__class__, b.__class__)
 
+    def test_dynamicclass(self):
+        a = create_dynamic_class("my_dynamic_class", (object,))
+        copyreg.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
diff -r e34b09c69dd3 Modules/_pickle.c
--- a/Modules/_pickle.c	Sat Mar 12 22:31:06 2011 -0500
+++ b/Modules/_pickle.c	Sun Mar 13 10:51:54 2011 +0100
@@ -3151,10 +3151,6 @@
         status = save_global(self, obj, NULL);
         goto done;
     }
-    else if (PyType_IsSubtype(type, &PyType_Type)) {
-        status = save_global(self, obj, NULL);
-        goto done;
-    }
 
     /* XXX: This part needs some unit tests. */
 
@@ -3173,6 +3169,10 @@
         Py_INCREF(obj);
         reduce_value = _Pickler_FastCall(self, reduce_func, obj);
     }
+    else if (PyType_IsSubtype(type, &PyType_Type)) {
+        status = save_global(self, obj, NULL);
+        goto done;
+    }
     else {
         static PyObject *reduce_str = NULL;
         static PyObject *reduce_ex_str = NULL;