diff --git a/src/changes/changes.xml b/src/changes/changes.xml
index b5f9ce05..7cfbbc30 100644
--- a/src/changes/changes.xml
+++ b/src/changes/changes.xml
@@ -34,6 +34,11 @@
         Potentially incompatible change:
         The standard and referencing binary formats now support null as a map key.
       </action>
+      <action dev="jodastephen" type="add" issue="230">
+        Potentially incompatible change:
+        The referencing binary format no longer deduplicates collections.
+        The old format can still be parsed successfully.
+      </action>
       <action dev="jodastephen" type="add" issue="446">
         Potentially incompatible change:
         The standard binary and simple JSON formats now handle `Iterable` as a collection type.
@@ -44,7 +49,7 @@
         Instead of a Joda-Convert formatted string, the array is output as a list of primitives.
         This also applies to multi-dimensional arrays.
         This is a much more natural JSON format.
-        The old format cam still be parsed successfully.
+        The old format can still be parsed successfully.
       </action>
       <action dev="jodastephen" type="update">
         Incompatible change:
@@ -52,7 +57,7 @@
         For example, where the type of the collection is Object,
         previously a String value was explicitly typed as a String, now the type is implicit.
         This is a much more natural JSON format.
-        The old format cam still be parsed successfully.
+        The old format can still be parsed successfully.
       </action>
       <action dev="jodastephen" type="update" issue="192">
         Incompatible change:
diff --git a/src/main/java/org/joda/beans/ser/bin/BeanReferences.java b/src/main/java/org/joda/beans/ser/bin/BeanReferences.java
index fb38cb3b..b86cd781 100644
--- a/src/main/java/org/joda/beans/ser/bin/BeanReferences.java
+++ b/src/main/java/org/joda/beans/ser/bin/BeanReferences.java
@@ -133,11 +133,16 @@ private void findReferencesBean(
         }
 
         // has this object been seen before, if so no need to check it again
-        var result = objects.compute(base, BeanReferences::incrementOrOne);
-        if (result > 1) {
+        if (objects.compute(base, BeanReferences::incrementOrOne) > 1) {
+            // shouldn't try and reuse references to collections
+            if (!(base instanceof Bean) && parentIterator != null) {
+                var childIterator = settings.getIteratorFactory().createChild(base, parentIterator);
+                if (childIterator != null) {
+                    findReferencesIterable(childIterator, objects);
+                }
+            }
             return;
         }
-
         if (base instanceof Bean bean) {
             addClassInfo(base, declaredClass);
             if (settings.getConverter().isConvertible(bean.getClass())) {
@@ -165,6 +170,7 @@ private void findReferencesBean(
         } else if (parentIterator != null) {
             var childIterator = settings.getIteratorFactory().createChild(base, parentIterator);
             if (childIterator != null) {
+                // shouldn't try and reuse references to collections
                 findReferencesIterable(childIterator, objects);
             } else {
                 addClassInfo(base, declaredClass);
diff --git a/src/test/java/org/joda/beans/ser/SerTestHelper.java b/src/test/java/org/joda/beans/ser/SerTestHelper.java
index 5f8b400d..659c08a6 100644
--- a/src/test/java/org/joda/beans/ser/SerTestHelper.java
+++ b/src/test/java/org/joda/beans/ser/SerTestHelper.java
@@ -19,10 +19,12 @@
 import java.util.Currency;
 import java.util.EnumSet;
 import java.util.HashMap;
+import java.util.HashSet;
 import java.util.List;
 import java.util.Locale;
 import java.util.Map;
 import java.util.TimeZone;
+import java.util.TreeSet;
 
 import org.joda.beans.sample.Address;
 import org.joda.beans.sample.Company;
@@ -256,6 +258,17 @@ public static ImmGenericCollections<JodaConvertInterface> testGenericInterfaces(
                 .build();
     }
 
+    public static ImmGenericCollections<Object> testGenericInterfacesCollections() {
+        return ImmGenericCollections.builder()
+                .map(ImmutableMap.of(
+                        "First", Arrays.asList("A", "B"),
+                        "First1", ImmutableList.of("A", "B"),
+                        "Third1", new TreeSet<>(ImmutableList.of("A", "B")),
+                        "Third", new HashSet<>(Arrays.asList("A", "B")),
+                        "Second", testCollections(true)))
+                .build();
+    }
+
     public static ImmKeyList testIntermediateInterfaces() {
         // second serialized as JodaConvertInterface, non-bean
         // third and fourth are serialized as an intermediate Joda-Convert interface INamedKey
diff --git a/src/test/java/org/joda/beans/ser/bin/TestSerializeReferencingBin.java b/src/test/java/org/joda/beans/ser/bin/TestSerializeReferencingBin.java
index 85951380..34825bba 100644
--- a/src/test/java/org/joda/beans/ser/bin/TestSerializeReferencingBin.java
+++ b/src/test/java/org/joda/beans/ser/bin/TestSerializeReferencingBin.java
@@ -130,6 +130,17 @@ void test_writeJodaConvertInterface() {
         BeanAssert.assertBeanEquals(bean, parsed);
     }
 
+    @Test
+    void test_writeJodaConvertInterfaceCollections() {
+        var bean = SerTestHelper.testGenericInterfacesCollections();
+
+        var bytes = JodaBeanSer.COMPACT.binWriterReferencing().write(bean);
+//        System.out.println(JodaBeanBinReader.visualize(bytes));
+
+        var parsed = JodaBeanSer.COMPACT.binReader().read(bytes);
+        BeanAssert.assertBeanEquals(parsed, bean);
+    }
+
     @Test
     void test_writeIntermediateInterface() {
         var bean = SerTestHelper.testIntermediateInterfaces();