diff --git a/Misc/NEWS.d/next/Library/2020-08-21-15-24-14.bpo-41604.rTXleO.rst b/Misc/NEWS.d/next/Library/2020-08-21-15-24-14.bpo-41604.rTXleO.rst
new file mode 100644
index 00000000000..0f9794cbdb3
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2020-08-21-15-24-14.bpo-41604.rTXleO.rst
@@ -0,0 +1,2 @@
+Don't decrement the reference count of the previous user_ptr when
+set_panel_userptr fails.
diff --git a/Modules/_curses_panel.c b/Modules/_curses_panel.c
index d782ccd0867..94caf8c93bc 100644
--- a/Modules/_curses_panel.c
+++ b/Modules/_curses_panel.c
@@ -456,7 +456,9 @@ _curses_panel_panel_set_userptr_impl(PyCursesPanelObject *self,
         /* In case of an ncurses error, decref the new object again */
         Py_DECREF(obj);
     }
-    Py_XDECREF(oldobj);
+    else {
+        Py_XDECREF(oldobj);
+    }
 
     _curses_panel_state *state = PyType_GetModuleState(cls);
     return PyCursesCheckERR(state, rc, "set_panel_userptr");