diff --git a/src/eval.c b/src/eval.c
index 3c4a8c5..c800139 100644
--- a/src/eval.c
+++ b/src/eval.c
@@ -1218,6 +1218,8 @@
 		semsg(_(e_letwrong), op);
 		return;
 	    }
+	    if (var_check_lock(lp->ll_blob->bv_lock, lp->ll_name, FALSE))
+		return;
 
 	    if (lp->ll_range && rettv->v_type == VAR_BLOB)
 	    {
diff --git a/src/evalvars.c b/src/evalvars.c
index 4ebcb45..f59dde9 100644
--- a/src/evalvars.c
+++ b/src/evalvars.c
@@ -173,7 +173,7 @@
 static char_u *ex_let_one(char_u *arg, typval_T *tv, int copy, int flags, char_u *endchars, char_u *op);
 static int do_unlet_var(lval_T *lp, char_u *name_end, exarg_T *eap, int deep, void *cookie);
 static int do_lock_var(lval_T *lp, char_u *name_end, exarg_T *eap, int deep, void *cookie);
-static void item_lock(typval_T *tv, int deep, int lock);
+static void item_lock(typval_T *tv, int deep, int lock, int check_refcount);
 static void delete_var(hashtab_T *ht, hashitem_T *hi);
 static void list_one_var(dictitem_T *v, char *prefix, int *first);
 static void list_one_var_a(char *prefix, char_u *name, int type, char_u *string, int *first);
@@ -1703,7 +1703,7 @@
 		    di->di_flags |= DI_FLAGS_LOCK;
 		else
 		    di->di_flags &= ~DI_FLAGS_LOCK;
-		item_lock(&di->di_tv, deep, lock);
+		item_lock(&di->di_tv, deep, lock, FALSE);
 	    }
 	}
 	*name_end = cc;
@@ -1715,26 +1715,28 @@
 	// (un)lock a range of List items.
 	while (li != NULL && (lp->ll_empty2 || lp->ll_n2 >= lp->ll_n1))
 	{
-	    item_lock(&li->li_tv, deep, lock);
+	    item_lock(&li->li_tv, deep, lock, FALSE);
 	    li = li->li_next;
 	    ++lp->ll_n1;
 	}
     }
     else if (lp->ll_list != NULL)
 	// (un)lock a List item.
-	item_lock(&lp->ll_li->li_tv, deep, lock);
+	item_lock(&lp->ll_li->li_tv, deep, lock, FALSE);
     else
 	// (un)lock a Dictionary item.
-	item_lock(&lp->ll_di->di_tv, deep, lock);
+	item_lock(&lp->ll_di->di_tv, deep, lock, FALSE);
 
     return ret;
 }
 
 /*
  * Lock or unlock an item.  "deep" is nr of levels to go.
+ * When "check_refcount" is TRUE do not lock a list or dict with a reference
+ * count larger than 1.
  */
     static void
-item_lock(typval_T *tv, int deep, int lock)
+item_lock(typval_T *tv, int deep, int lock, int check_refcount)
 {
     static int	recurse = 0;
     list_T	*l;
@@ -1776,7 +1778,8 @@
 	    break;
 
 	case VAR_BLOB:
-	    if ((b = tv->vval.v_blob) != NULL)
+	    if ((b = tv->vval.v_blob) != NULL
+				    && !(check_refcount && b->bv_refcount > 1))
 	    {
 		if (lock)
 		    b->bv_lock |= VAR_LOCKED;
@@ -1785,7 +1788,8 @@
 	    }
 	    break;
 	case VAR_LIST:
-	    if ((l = tv->vval.v_list) != NULL)
+	    if ((l = tv->vval.v_list) != NULL
+				    && !(check_refcount && l->lv_refcount > 1))
 	    {
 		if (lock)
 		    l->lv_lock |= VAR_LOCKED;
@@ -1794,11 +1798,12 @@
 		if ((deep < 0 || deep > 1) && l->lv_first != &range_list_item)
 		    // recursive: lock/unlock the items the List contains
 		    FOR_ALL_LIST_ITEMS(l, li)
-			item_lock(&li->li_tv, deep - 1, lock);
+			item_lock(&li->li_tv, deep - 1, lock, check_refcount);
 	    }
 	    break;
 	case VAR_DICT:
-	    if ((d = tv->vval.v_dict) != NULL)
+	    if ((d = tv->vval.v_dict) != NULL
+				    && !(check_refcount && d->dv_refcount > 1))
 	    {
 		if (lock)
 		    d->dv_lock |= VAR_LOCKED;
@@ -1813,7 +1818,8 @@
 			if (!HASHITEM_EMPTY(hi))
 			{
 			    --todo;
-			    item_lock(&HI2DI(hi)->di_tv, deep - 1, lock);
+			    item_lock(&HI2DI(hi)->di_tv, deep - 1, lock,
+							       check_refcount);
 			}
 		    }
 		}
@@ -3087,7 +3093,10 @@
     }
 
     if (flags & LET_IS_CONST)
-	item_lock(&di->di_tv, 1, TRUE);
+	// Like :lockvar! name: lock the value and what it contains, but only
+	// if the reference count is up to one.  That locks only literal
+	// values.
+	item_lock(&di->di_tv, DICT_MAXNEST, TRUE, TRUE);
 }
 
 /*
diff --git a/src/testdir/test_const.vim b/src/testdir/test_const.vim
index c993f56..107e250 100644
--- a/src/testdir/test_const.vim
+++ b/src/testdir/test_const.vim
@@ -273,20 +273,35 @@
     call assert_fails('const {s2} = "bar"', 'E995:')
 endfunc
 
-func Test_lock_depth_is_1()
-    const l = [1, 2, 3]
-    const d = {'foo': 10}
-
-    " Modify list - setting item is OK, adding/removing items not
-    let l[0] = 42
+func Test_lock_depth_is_2()
+    " Modify list - error when changing item or adding/removing items
+    const l = [1, 2, [3, 4]]
+    call assert_fails('let l[0] = 42', 'E741:')
+    call assert_fails('let l[2][0] = 42', 'E741:')
     call assert_fails('call add(l, 4)', 'E741:')
     call assert_fails('unlet l[1]', 'E741:')
 
-    " Modify dict - changing item is OK, adding/removing items not
-    let d['foo'] = 'hello'
-    let d.foo = 44
+    " Modify blob - error when changing
+    const b = 0z001122
+    call assert_fails('let b[0] = 42', 'E741:')
+
+    " Modify dict - error when changing item or adding/removing items
+    const d = {'foo': 10}
+    call assert_fails("let d['foo'] = 'hello'", 'E741:')
+    call assert_fails("let d.foo = 'hello'", 'E741:')
     call assert_fails("let d['bar'] = 'hello'", 'E741:')
     call assert_fails("unlet d['foo']", 'E741:')
+
+    " Modifying list or dict item contents is OK.
+    let lvar = ['a', 'b']
+    let bvar = 0z1122
+    const l2 = [0, lvar, bvar]
+    let l2[1][0] = 'c'
+    let l2[2][1] = 0x33
+    call assert_equal([0, ['c', 'b'], 0z1133], l2)
+
+    const d2 = #{a: 0, b: lvar, c: 4}
+    let d2.b[1] = 'd'
 endfunc
 
 " vim: shiftwidth=2 sts=2 expandtab
diff --git a/src/version.c b/src/version.c
index 92649a3..d57661b 100644
--- a/src/version.c
+++ b/src/version.c
@@ -755,6 +755,8 @@
 static int included_patches[] =
 {   /* Add new patch number below this line */
 /**/
+    1473,
+/**/
     1472,
 /**/
     1471,