diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -4807,11 +4807,6 @@
 
 bool CWalletTx::AcceptToMemoryPool(const Amount nAbsurdFee,
                                    CValidationState &state) {
-    // Quick check to avoid re-setting fInMempool to false
-    if (g_mempool.exists(tx->GetId())) {
-        return false;
-    }
-
     // We must set fInMempool here - while it will be re-set to true by the
     // entered-mempool callback, if we did not there would be a race where a
     // user could call sendmoney in a loop and hit spurious out of funds errors
@@ -4821,7 +4816,7 @@
         GetConfig(), g_mempool, state, tx, true /* fLimitFree */,
         nullptr /* pfMissingInputs */, false /* fOverrideMempoolLimit */,
         nAbsurdFee);
-    fInMempool = ret;
+    fInMempool |= ret;
     return ret;
 }