Index: Python/peephole.c
===================================================================
--- Python/peephole.c	(revision 61948)
+++ Python/peephole.c	(working copy)
@@ -294,6 +294,8 @@
 	int cumlc=0, lastlc=0;	/* Count runs of consecutive LOAD_CONSTs */
 	unsigned int *blocks = NULL;
 	char *name;
+	int *constsmap = NULL;
+	int constscount;
 
 	/* Bail out if an exception is set */
 	if (PyErr_Occurred())
@@ -580,8 +582,8 @@
 		lineno[i] =((unsigned char)(new_line - last_line));
 		last_line = new_line;
 	}
-
-	/* Remove NOPs and fixup jump targets */
+	
+	/* Remove NOPs and fixup jump targets and consts indices */
 	for (i=0, h=0 ; i<codelen ; ) {
 		opcode = codestr[i];
 		switch (opcode) {
@@ -611,7 +613,46 @@
 			codestr[h++] = codestr[i++];
 	}
 	assert(h + nops == codelen);
-
+	/* Remove unused constants from the consts list */
+	if ((constscount = PyList_GET_SIZE(consts))) {
+		constsmap = (int *)PyMem_Malloc(constscount * sizeof(int));
+		if (constsmap == NULL)
+			goto exit;
+		memset(constsmap, 0, constscount * sizeof(int));
+		/* Mark used consts */
+		for (i=0; i<codelen ; i += CODESIZE(codestr[i])) {
+			if (codestr[i] == LOAD_CONST)
+				constsmap[GETARG(codestr, i)] = 1;
+		}
+		/* Leave the first string const in - it may be a docsting */
+		if (PyString_Check(PyList_GET_ITEM(consts, 0)))
+			constsmap[0] = 1;
+		/* Compress the consts list */
+		for (i=0,j=0; i < constscount; ++i) {
+			if (constsmap[i]) {
+				if (i != j) {
+					Py_DECREF(PyList_GET_ITEM(consts, j));
+					Py_INCREF(PyList_GET_ITEM(consts, i));
+					PyList_SET_ITEM(consts, j,
+							PyList_GET_ITEM(consts, i));
+				}
+				constsmap[i] = j++;
+			}
+		}
+		if (j < constscount) {
+			if (PyList_SetSlice(consts, j, constscount, NULL) == -1)
+				PyErr_Clear();
+			/* Update LOAD_CONST arguments */
+			for (i=0; i<codelen ; i += CODESIZE(codestr[i])) {
+				if (codestr[i] == LOAD_CONST) {
+					j = GETARG(codestr, i);
+					SETARG(codestr, i, constsmap[j]);
+				}
+			}
+		}
+		PyMem_Free(constsmap);
+	}
+ exit:
 	code = PyString_FromStringAndSize((char *)codestr, h);
 	PyMem_Free(addrmap);
 	PyMem_Free(codestr);
@@ -619,6 +660,8 @@
 	return code;
 
  exitUnchanged:
+	if (constsmap != NULL)
+		PyMem_Free(constsmap);
 	if (blocks != NULL)
 		PyMem_Free(blocks);
 	if (addrmap != NULL)
Index: Lib/test/test_code.py
===================================================================
--- Lib/test/test_code.py	(revision 61948)
+++ Lib/test/test_code.py	(working copy)
@@ -15,7 +15,7 @@
 freevars: ()
 nlocals: 2
 flags: 3
-consts: ('None', '<code object g>')
+consts: ('<code object g>',)
 
 >>> dump(f(4).func_code)
 name: g
@@ -26,7 +26,7 @@
 freevars: ('x',)
 nlocals: 1
 flags: 19
-consts: ('None',)
+consts: ()
 
 >>> def h(x, y):
 ...     a = x + y
@@ -43,7 +43,7 @@
 freevars: ()
 nlocals: 5
 flags: 67
-consts: ('None',)
+consts: ()
 
 >>> def attrs(obj):
 ...     print obj.attr1
Index: Lib/test/test_dis.py
===================================================================
--- Lib/test/test_dis.py	(revision 61948)
+++ Lib/test/test_dis.py	(working copy)
@@ -16,7 +16,7 @@
               3 PRINT_ITEM
               4 PRINT_NEWLINE
 
- %-4d         5 LOAD_CONST               1 (1)
+ %-4d         5 LOAD_CONST               0 (1)
               8 RETURN_VALUE
 """%(_f.func_code.co_firstlineno + 1,
      _f.func_code.co_firstlineno + 2)
Index: Lib/test/test_peepholer.py
===================================================================
--- Lib/test/test_peepholer.py	(revision 61948)
+++ Lib/test/test_peepholer.py	(working copy)
@@ -202,7 +202,11 @@
         self.assertEqual(asm.split().count('JUMP_ABSOLUTE'), 1)
         self.assertEqual(asm.split().count('RETURN_VALUE'), 2)
 
+    def test_elim_unused_consts(self):
+        f = lambda: 42 + 42
+        self.assertFalse(42 in f.__code__.co_consts)
 
+
 def test_main(verbose=None):
     import sys
     from test import test_support