diff --git a/arshal_default.go b/arshal_default.go
index c6c5c96..b0f5bf8 100644
--- a/arshal_default.go
+++ b/arshal_default.go
@@ -172,6 +172,12 @@ func makeBoolArshaler(t reflect.Type) *arshaler {
 				case "false":
 					va.SetBool(false)
 				default:
+					if uo.Flags.Get(jsonflags.StringifyWithLegacySemantics) && tok.String() == "null" {
+						if !uo.Flags.Get(jsonflags.MergeWithLegacySemantics) {
+							va.SetBool(false)
+						}
+						return nil
+					}
 					return newUnmarshalErrorAfterWithValue(dec, t, strconv.ErrSyntax)
 				}
 				return nil
@@ -238,6 +244,12 @@ func makeStringArshaler(t reflect.Type) *arshaler {
 				if err != nil {
 					return newUnmarshalErrorAfter(dec, t, err)
 				}
+				if uo.Flags.Get(jsonflags.StringifyWithLegacySemantics) && string(val) == "null" {
+					if !uo.Flags.Get(jsonflags.MergeWithLegacySemantics) {
+						va.SetString("")
+					}
+					return nil
+				}
 			}
 			if xd.StringCache == nil {
 				xd.StringCache = new(stringCache)
@@ -444,6 +456,12 @@ func makeIntArshaler(t reflect.Type) *arshaler {
 				break
 			}
 			val = jsonwire.UnquoteMayCopy(val, flags.IsVerbatim())
+			if uo.Flags.Get(jsonflags.StringifyWithLegacySemantics) && string(val) == "null" {
+				if !uo.Flags.Get(jsonflags.MergeWithLegacySemantics) {
+					va.SetInt(0)
+				}
+				return nil
+			}
 			fallthrough
 		case '0':
 			if uo.Flags.Get(jsonflags.StringifyNumbers) && k == '0' {
@@ -522,6 +540,12 @@ func makeUintArshaler(t reflect.Type) *arshaler {
 				break
 			}
 			val = jsonwire.UnquoteMayCopy(val, flags.IsVerbatim())
+			if uo.Flags.Get(jsonflags.StringifyWithLegacySemantics) && string(val) == "null" {
+				if !uo.Flags.Get(jsonflags.MergeWithLegacySemantics) {
+					va.SetUint(0)
+				}
+				return nil
+			}
 			fallthrough
 		case '0':
 			if uo.Flags.Get(jsonflags.StringifyNumbers) && k == '0' {
@@ -623,6 +647,12 @@ func makeFloatArshaler(t reflect.Type) *arshaler {
 			if !uo.Flags.Get(jsonflags.StringifyNumbers) {
 				break
 			}
+			if uo.Flags.Get(jsonflags.StringifyWithLegacySemantics) && string(val) == "null" {
+				if !uo.Flags.Get(jsonflags.MergeWithLegacySemantics) {
+					va.SetFloat(0)
+				}
+				return nil
+			}
 			if n, err := jsonwire.ConsumeNumber(val); n != len(val) || err != nil {
 				return newUnmarshalErrorAfterWithValue(dec, t, strconv.ErrSyntax)
 			}
@@ -1553,7 +1583,22 @@ func makePointerArshaler(t reflect.Type) *arshaler {
 			va.Set(reflect.New(t.Elem()))
 		}
 		v := addressableValue{va.Elem()} // dereferenced pointer is always addressable
-		return unmarshal(dec, v, uo)
+		if err := unmarshal(dec, v, uo); err != nil {
+			return err
+		}
+		if uo.Flags.Get(jsonflags.StringifyWithLegacySemantics) &&
+			(uo.Flags.Get(jsonflags.StringifyNumbers) || uo.Flags.Get(jsonflags.StringifyBoolsAndStrings)) {
+			// A JSON null quoted within a JSON string should take effect
+			// within the pointer value, rather than the indirect value.
+			//
+			// TODO: This does not handle correctly handle escaped nulls
+			// (e.g., "\u006e\u0075\u006c\u006c"), but is good enough
+			// for such an esoteric use case of the `string` option.
+			if string(export.Decoder(dec).PreviousTokenOrValue()) == `"null"` {
+				va.SetZero()
+			}
+		}
+		return nil
 	}
 	return &fncs
 }
diff --git a/v1/failing.txt b/v1/failing.txt
index 623a34f..16f3d83 100644
--- a/v1/failing.txt
+++ b/v1/failing.txt
@@ -4,7 +4,6 @@ TestUnmarshal/#107
 TestUnmarshal/#109
 TestUnmarshal/#111
 TestUnmarshal/#113
-TestUnmarshal/#138
 TestNullString
 TestInterfaceSet
 TestInterfaceSet/#01
@@ -25,7 +24,6 @@ TestEncoderSetEscapeHTML
 TestEncoderSetEscapeHTML/stringOption
 TestRawMessage
 TestStringOption
-TestStringOption/Unmarshal/Null/v1
 TestStringOption/Unmarshal/Deep/v1
 TestPointerReceiver
 TestPointerReceiver/Marshal/v1
diff --git a/v1/options.go b/v1/options.go
index a626723..3d3178e 100644
--- a/v1/options.go
+++ b/v1/options.go
@@ -205,12 +205,12 @@ func ReportLegacyErrorValues(v bool) Options {
 // such a kind. Specifically, `string` will not stringify bool, string,
 // or numeric kinds within a composite data type
 // (e.g., array, slice, struct, map, or interface).
+// A JSON null quoted in a JSON string is a valid substitute for JSON null
+// while unmarshaling into fields that `string` takes effect on.
 //
 // This affects either marshaling or unmarshaling.
 // The v1 default is true.
 func StringifyWithLegacySemantics(v bool) Options {
-	// TODO: In v1, we would permit unmarshaling "null" (i.e., a quoted null)
-	// as if it were just null. We do not support this in v2. Should we?
 	if v {
 		return jsonflags.StringifyWithLegacySemantics | 1
 	} else {