diff --git a/v2/blockstore/readwrite.go b/v2/blockstore/readwrite.go
index e605414f..5ba24f9c 100644
--- a/v2/blockstore/readwrite.go
+++ b/v2/blockstore/readwrite.go
@@ -344,7 +344,29 @@ func (b *ReadWrite) AllKeysChan(ctx context.Context) (<-chan cid.Cid, error) {
 }
 
 func (b *ReadWrite) Has(ctx context.Context, key cid.Cid) (bool, error) {
-	return b.ronly.Has(ctx, key)
+	if !b.opts.StoreIdentityCIDs {
+		// If we don't store identity CIDs then we can return them straight away as if they are here,
+		// otherwise we need to check for their existence.
+		// Note, we do this without locking, since there is no shared information to lock for in order to perform the check.
+		if _, ok, err := store.IsIdentity(key); err != nil {
+			return false, err
+		} else if ok {
+			return true, nil
+		}
+	}
+
+	if ctx.Err() != nil {
+		return false, ctx.Err()
+	}
+
+	b.ronly.mu.Lock()
+	defer b.ronly.mu.Unlock()
+
+	if b.ronly.closed {
+		return false, errClosed
+	}
+
+	return b.idx.HasMultihash(key.Hash())
 }
 
 func (b *ReadWrite) Get(ctx context.Context, key cid.Cid) (blocks.Block, error) {
diff --git a/v2/index/index.go b/v2/index/index.go
index 911eaa7a..1634dda5 100644
--- a/v2/index/index.go
+++ b/v2/index/index.go
@@ -13,7 +13,7 @@ import (
 	"github.com/multiformats/go-varint"
 )
 
-// CarIndexNone is a sentinal value used as a multicodec code for the index indicating no index.
+// CarIndexNone is a sentinel value used as a multicodec code for the index indicating no index.
 const CarIndexNone = 0x300000
 
 type (
@@ -46,7 +46,7 @@ type (
 		// Unmarshal decodes the index from its serial form.
 		// Note, this function will copy the entire index into memory.
 		//
-		// Do not unmarshal index from untrusted CARv2 files. Instead the index should be
+		// Do not unmarshal index from untrusted CARv2 files. Instead, the index should be
 		// regenerated from the CARv2 data payload.
 		Unmarshal(r io.Reader) error
 
@@ -84,7 +84,7 @@ type (
 		// and the ForEach function returns the error to the user.
 		//
 		// An index may contain multiple offsets corresponding to the same multihash, e.g. via duplicate blocks.
-		// In such cases, the given function may be called multiple times with the same multhihash but different offset.
+		// In such cases, the given function may be called multiple times with the same multihash but different offset.
 		//
 		// The order of calls to the given function is deterministic, but entirely index-specific.
 		ForEach(func(multihash.Multihash, uint64) error) error
diff --git a/v2/internal/store/insertionindex.go b/v2/internal/store/insertionindex.go
index ffdf96fa..bc25fffb 100644
--- a/v2/internal/store/insertionindex.go
+++ b/v2/internal/store/insertionindex.go
@@ -212,10 +212,10 @@ func (ii *InsertionIndex) Flatten(codec multicodec.Code) (index.Index, error) {
 // but it's separate as it allows us to compare Record.Cid directly,
 // whereas GetAll just provides Record.Offset.
 
-func (ii *InsertionIndex) HasExactCID(c cid.Cid) bool {
+func (ii *InsertionIndex) HasExactCID(c cid.Cid) (bool, error) {
 	d, err := multihash.Decode(c.Hash())
 	if err != nil {
-		panic(err)
+		return false, err
 	}
 	entry := recordDigest{digest: d.Digest}
 
@@ -235,5 +235,30 @@ func (ii *InsertionIndex) HasExactCID(c cid.Cid) bool {
 		return true
 	}
 	ii.items.AscendGreaterOrEqual(entry, iter)
-	return found
+	return found, nil
+}
+
+func (ii *InsertionIndex) HasMultihash(mh multihash.Multihash) (bool, error) {
+	d, err := multihash.Decode(mh)
+	if err != nil {
+		return false, err
+	}
+	entry := recordDigest{digest: d.Digest}
+
+	found := false
+	iter := func(i llrb.Item) bool {
+		existing := i.(recordDigest)
+		if !bytes.Equal(existing.digest, entry.digest) {
+			// We've already looked at all entries with matching digests.
+			return false
+		}
+		if bytes.Equal(existing.Record.Cid.Hash(), mh) {
+			found = true
+			return false
+		}
+		// Continue looking in ascending order.
+		return true
+	}
+	ii.items.AscendGreaterOrEqual(entry, iter)
+	return found, nil
 }
diff --git a/v2/internal/store/put.go b/v2/internal/store/put.go
index f82d0c1e..2a74dd0d 100644
--- a/v2/internal/store/put.go
+++ b/v2/internal/store/put.go
@@ -38,8 +38,12 @@ func ShouldPut(
 	}
 
 	if !blockstoreAllowDuplicatePuts {
-		if blockstoreUseWholeCIDs && idx.HasExactCID(c) {
-			return false, nil // deduplicated by CID
+		if blockstoreUseWholeCIDs {
+			has, err := idx.HasExactCID(c)
+			if err != nil {
+				return false, err
+			}
+			return !has, nil // deduplicated by CID
 		}
 		if !blockstoreUseWholeCIDs {
 			_, err := idx.Get(c)