diff --git a/include/xrpl/basics/TaggedCache.h b/include/xrpl/basics/TaggedCache.h
index 0037ce2b1e..2b0830df06 100644
--- a/include/xrpl/basics/TaggedCache.h
+++ b/include/xrpl/basics/TaggedCache.h
@@ -127,7 +127,8 @@ public:
 
         @param key The key corresponding to the object
         @param data A shared pointer to the data corresponding to the object.
-        @param replaceCallback Function that decides if cache should be replaced
+        @param shouldReplaceCheckCb Function that decides if cache should be
+       replaced
 
         @return First item: `true` If the key already existed; Second item: The
         canonicalized item.
@@ -137,7 +138,7 @@ public:
     canonicalize(
         key_type const& key,
         SharedPointerType const& data,
-        R&& replaceCallback);
+        R&& shouldReplaceCheckCb);
 
     bool
     canonicalize_replace_cache(
diff --git a/include/xrpl/basics/TaggedCache.ipp b/include/xrpl/basics/TaggedCache.ipp
index fd8ee39b21..d1870fe17c 100644
--- a/include/xrpl/basics/TaggedCache.ipp
+++ b/include/xrpl/basics/TaggedCache.ipp
@@ -435,27 +435,31 @@ TaggedCache<
     Entry& entry = cit->second;
     entry.touch(m_clock.now());
 
-    auto replaceEntryIfNecessary = [&] {
-        bool shouldReplace = false;
+    auto shouldReplace = [&] {
         if constexpr (std::is_invocable_r_v<bool, R>)
         {
             // The reason for this extra complexity is for intrusive
             // strong/weak combo getting a strong is relatively expensive
             // and not needed for many cases.
-            shouldReplace = replaceCallback();
+            return replaceCallback();
         }
         else
         {
-            shouldReplace = replaceCallback(entry.ptr.getStrong());
+            return replaceCallback(entry.ptr.getStrong());
         }
-
-        if (shouldReplace)
-            entry.ptr = data;
     };
 
     if (entry.isCached())
     {
-        replaceEntryIfNecessary();
+        if (shouldReplace())
+        {
+            entry.ptr = data;
+        }
+        else
+        {
+            data = entry.ptr.getStrong();
+        }
+
         return std::make_pair(true, entry.ptr.getStrong());
     }
 
@@ -463,8 +467,16 @@ TaggedCache<
 
     if (cachedData)
     {
-        replaceEntryIfNecessary();
-        entry.ptr.convertToStrong();
+        if (shouldReplace())
+        {
+            entry.ptr = data;
+        }
+        else
+        {
+            entry.ptr.convertToStrong();
+            data = cachedData;
+        }
+
         ++m_cache_count;
         return std::make_pair(true, entry.ptr.getStrong());
     }