diff --git a/implementations/javascript/package.json b/implementations/javascript/package.json
index 69939aa..8854316 100644
--- a/implementations/javascript/package.json
+++ b/implementations/javascript/package.json
@@ -1,6 +1,6 @@
 {
   "name": "preserves",
-  "version": "0.4.0",
+  "version": "0.5.0",
   "description": "Experimental data serialization format",
   "homepage": "https://gitlab.com/preserves/preserves",
   "license": "Apache-2.0",
diff --git a/implementations/javascript/src/codec.ts b/implementations/javascript/src/codec.ts
index fda9b3d..8ccbd35 100644
--- a/implementations/javascript/src/codec.ts
+++ b/implementations/javascript/src/codec.ts
@@ -14,6 +14,17 @@ import { PreserveOn } from './symbols';
 export type ErrorType = 'DecodeError' | 'EncodeError' | 'ShortPacket';
 export const ErrorType = Symbol.for('ErrorType');
 
+export type Encodable<T extends object> =
+    Value<T> | Preservable<T> | Iterable<Value<T>> | ArrayBufferView;
+
+export interface Preservable<T extends object> {
+    [PreserveOn](encoder: Encoder<T>): void;
+}
+
+export function isPreservable<T extends object>(v: any): v is Preservable<T> {
+    return typeof v === 'object' && v !== null && typeof v[PreserveOn] === 'function';
+}
+
 export abstract class PreservesCodecError {
     abstract get [ErrorType](): ErrorType;
 
@@ -53,16 +64,17 @@ export class ShortPacket extends DecodeError {
     }
 }
 
-export interface DecoderOptions {
+export interface DecoderOptions<T extends object> {
     includeAnnotations?: boolean;
+    decodePointer?: (v: Value<T>) => T;
 }
 
-export class Decoder {
+export class Decoder<T extends object> {
     packet: Uint8Array;
     index: number;
-    options: DecoderOptions;
+    options: DecoderOptions<T>;
 
-    constructor(packet: BytesLike = new Uint8Array(0), options: DecoderOptions = {}) {
+    constructor(packet: BytesLike = new Uint8Array(0), options: DecoderOptions<T> = {}) {
         this.packet = underlying(packet);
         this.index = 0;
         this.options = options;
@@ -104,7 +116,7 @@ export class Decoder {
         return matched;
     }
 
-    nextvalues(): Value[] {
+    nextvalues(): Value<T>[] {
         const result = [];
         while (!this.peekend()) result.push(this.next());
         return result;
@@ -119,12 +131,12 @@ export class Decoder {
         return acc;
     }
 
-    wrap(v: Value): Value {
+    wrap(v: Value<T>): Value<T> {
         return this.includeAnnotations ? new Annotated(v) : v;
     }
 
-    static dictionaryFromArray(vs: Value[]): Dictionary<Value> {
-        const d = new Dictionary<Value>();
+    static dictionaryFromArray<T extends object>(vs: Value<T>[]): Dictionary<T, Value<T>> {
+        const d = new Dictionary<T, Value<T>>();
         if (vs.length % 2) throw new DecodeError("Missing dictionary value");
         for (let i = 0; i < vs.length; i += 2) {
             d.set(vs[i], vs[i+1]);
@@ -132,14 +144,14 @@ export class Decoder {
         return d;
     }
 
-    unshiftAnnotation(a: Value, v: Annotated) {
+    unshiftAnnotation(a: Value<T>, v: Annotated<T>) {
         if (this.includeAnnotations) {
             v.annotations.unshift(a);
         }
         return v;
     }
 
-    next(): Value {
+    next(): Value<T> {
         const tag = this.nextbyte();
         switch (tag) {
             case Tag.False: return this.wrap(false);
@@ -149,9 +161,16 @@ export class Decoder {
             case Tag.End: throw new DecodeError("Unexpected Compound end marker");
             case Tag.Annotation: {
                 const a = this.next();
-                const v = this.next() as Annotated;
+                const v = this.next() as Annotated<T>;
                 return this.unshiftAnnotation(a, v);
             }
+            case Tag.Pointer: {
+                const d = this.options.decodePointer;
+                if (d === void 0) {
+                    throw new DecodeError("No decodePointer function supplied");
+                }
+                return this.wrap(d(this.next()));
+            }
             case Tag.SignedInteger: return this.wrap(this.nextint(this.varint()));
             case Tag.String: return this.wrap(Bytes.from(this.nextbytes(this.varint())).fromUtf8());
             case Tag.ByteString: return this.wrap(Bytes.from(this.nextbytes(this.varint())));
@@ -192,30 +211,35 @@ export class Decoder {
     }
 }
 
-export function decode(bs: BytesLike, options?: DecoderOptions) {
+export function decode<T extends object>(bs: BytesLike, options?: DecoderOptions<T>) {
     return new Decoder(bs, options).next();
 }
 
-export function decodeWithAnnotations(bs: BytesLike, options: DecoderOptions = {}): Annotated {
-    return decode(bs, { ... options, includeAnnotations: true }) as Annotated;
+export function decodeWithAnnotations<T extends object>(bs: BytesLike, options: DecoderOptions<T> = {}): Annotated<T> {
+    return decode(bs, { ... options, includeAnnotations: true }) as Annotated<T>;
 }
 
-export interface EncoderOptions {
+export interface EncoderOptions<T extends object> {
     canonical?: boolean;
     includeAnnotations?: boolean;
+    encodePointer?: (v: T) => Value<T>;
 }
 
 function chunkStr(bs: Uint8Array): string {
     return String.fromCharCode.apply(null, bs as any as number[]);
 }
 
-export class Encoder {
+function isIterable<T>(v: any): v is Iterable<T> {
+    return typeof v === 'object' && v !== null && typeof v[Symbol.iterator] === 'function';
+}
+
+export class Encoder<T extends object> {
     chunks: Array<Uint8Array>;
     view: DataView;
     index: number;
-    options: EncoderOptions;
+    options: EncoderOptions<T>;
 
-    constructor(options: EncoderOptions = {}) {
+    constructor(options: EncoderOptions<T> = {}) {
         this.chunks = [];
         this.view = new DataView(new ArrayBuffer(256));
         this.index = 0;
@@ -310,7 +334,7 @@ export class Encoder {
         this.emitbytes(bs);
     }
 
-    encodevalues(tag: Tag, items: Iterable<Value>) {
+    encodevalues(tag: Tag, items: Iterable<Value<T>>) {
         this.emitbyte(tag);
         for (let i of items) { this.push(i); }
         this.emitbyte(Tag.End);
@@ -322,8 +346,11 @@ export class Encoder {
         this.emitbyte(Tag.End);
     }
 
-    push(v: any) {
-        if (typeof v?.[PreserveOn] === 'function') {
+    push(v: Encodable<T>) {
+        if (isPreservable<never>(v)) {
+            v[PreserveOn](this as unknown as Encoder<never>);
+        }
+        else if (isPreservable<T>(v)) {
             v[PreserveOn](this);
         }
         else if (typeof v === 'boolean') {
@@ -355,23 +382,36 @@ export class Encoder {
         else if (Array.isArray(v)) {
             this.encodevalues(Tag.Sequence, v);
         }
-        else if (typeof v?.[Symbol.iterator] === 'function') {
-            this.encodevalues(Tag.Sequence, v as Iterable<Value>);
+        else if (isIterable<Value<T>>(v)) {
+            this.encodevalues(Tag.Sequence, v as Iterable<Value<T>>);
         }
         else {
-            throw new EncodeError("Cannot encode", v);
+            const e = this.options.encodePointer ?? pointerId;
+            this.emitbyte(Tag.Pointer);
+            this.push(e(v));
         }
         return this; // for chaining
     }
 }
 
-export function encode(v: any, options?: EncoderOptions): Bytes {
+export function encode<T extends object>(v: Encodable<T>, options?: EncoderOptions<T>): Bytes {
     return new Encoder(options).push(v).contents();
 }
 
+let _nextId = 0;
+const _registry = new WeakMap<object, number>();
+export function pointerId(v: object): number {
+    let id = _registry.get(v);
+    if (id === void 0) {
+        id = _nextId++;
+        _registry.set(v, id);
+    }
+    return id;
+}
+
 const _canonicalEncoder = new Encoder({ canonical: true });
 let _usingCanonicalEncoder = false;
-export function canonicalEncode(v: any, options?: EncoderOptions): Bytes {
+export function canonicalEncode(v: Encodable<any>, options?: EncoderOptions<any>): Bytes {
     if (options === void 0 && !_usingCanonicalEncoder) {
         _usingCanonicalEncoder = true;
         const bs = _canonicalEncoder.push(v).contents();
@@ -382,10 +422,10 @@ export function canonicalEncode(v: any, options?: EncoderOptions): Bytes {
     }
 }
 
-export function canonicalString(v: any): string {
+export function canonicalString(v: Encodable<any>): string {
     return _canonicalEncoder.push(v).contentsString();
 }
 
-export function encodeWithAnnotations(v: any, options: EncoderOptions = {}): Bytes {
+export function encodeWithAnnotations<T extends object>(v: Encodable<T>, options: EncoderOptions<T> = {}): Bytes {
     return encode(v, { ... options, includeAnnotations: true });
 }
diff --git a/implementations/javascript/src/constants.ts b/implementations/javascript/src/constants.ts
index f017b9e..461a417 100644
--- a/implementations/javascript/src/constants.ts
+++ b/implementations/javascript/src/constants.ts
@@ -5,6 +5,7 @@ export enum Tag {
     Double,
     End,
     Annotation,
+    Pointer,
 
     SmallInteger_lo = 0x90,
     MediumInteger_lo = 0xa0,
diff --git a/implementations/javascript/src/text.ts b/implementations/javascript/src/text.ts
index cd2c9d8..199b781 100644
--- a/implementations/javascript/src/text.ts
+++ b/implementations/javascript/src/text.ts
@@ -12,7 +12,7 @@ export function stringify(x: any): string {
     }
 }
 
-export function preserves(pieces: TemplateStringsArray, ...values: Value[]): string {
+export function preserves(pieces: TemplateStringsArray, ...values: Value<any>[]): string {
     const result = [pieces[0]];
     values.forEach((v, i) => {
         result.push(stringify(v));
diff --git a/implementations/javascript/src/values.ts b/implementations/javascript/src/values.ts
index 3bc0511..b699816 100644
--- a/implementations/javascript/src/values.ts
+++ b/implementations/javascript/src/values.ts
@@ -2,22 +2,22 @@
 
 import { PreserveOn, AsPreserve } from './symbols';
 import { Tag } from './constants';
-import { Encoder, canonicalEncode, canonicalString } from './codec';
+import { Encoder, canonicalEncode, canonicalString, Preservable } from './codec';
 import { stringify } from './text';
 import { _iterMap, FlexMap, FlexSet } from './flex';
 
 const textEncoder = new TextEncoder();
 const textDecoder = new TextDecoder();
 
-export type Value = Atom | Compound | Annotated;
+export type Value<T extends object> = Atom | Compound<T> | T | Annotated<T>;
 export type Atom = boolean | Single | Double | number | string | Bytes | symbol;
-export type Compound = Record | Array<Value> | Set | Dictionary<Value>;
+export type Compound<T extends object> = Record<T> | Array<Value<T>> | Set<T> | Dictionary<T, Value<T>>;
 
 export const IsPreservesRecord = Symbol.for('IsPreservesRecord');
 export const IsPreservesBytes = Symbol.for('IsPreservesBytes');
 export const IsPreservesAnnotated = Symbol.for('IsPreservesAnnotated');
 
-export function fromJS(x: any): Value {
+export function fromJS<T extends object>(x: any): Value<T> {
     switch (typeof x) {
         case 'number':
             if (!Number.isInteger(x)) {
@@ -32,6 +32,7 @@ export function fromJS(x: any): Value {
 
         case 'undefined':
         case 'function':
+        case 'bigint':
             break;
 
         case 'object':
@@ -41,16 +42,20 @@ export function fromJS(x: any): Value {
             if (typeof x[AsPreserve] === 'function') {
                 return x[AsPreserve]();
             }
-            if (Record.isRecord(x)) {
+            if (Record.isRecord<T>(x)) {
                 return x;
             }
             if (Array.isArray(x)) {
-                return x.map(fromJS);
+                return (x as Array<Value<T>>).map<Value<T>>(fromJS);
             }
             if (ArrayBuffer.isView(x) || x instanceof ArrayBuffer) {
                 return Bytes.from(x);
             }
-            return Dictionary.fromJS(x);
+            // Just... assume it's a T.
+            return (x as T);
+
+        default:
+            break;
     }
 
     throw new TypeError("Cannot represent JavaScript value as Preserves: " + x);
@@ -89,12 +94,12 @@ export abstract class Float {
     static isDouble = (x: any): x is Double => Float.isFloat(x, 'Double');
 }
 
-export class Single extends Float {
-    [AsPreserve](): Value {
+export class Single extends Float implements Preservable<never> {
+    [AsPreserve]<T extends object>(): Value<T> {
         return this;
     }
 
-    [PreserveOn](encoder: Encoder) {
+    [PreserveOn](encoder: Encoder<never>) {
         encoder.emitbyte(Tag.Float);
         encoder.makeroom(4);
         encoder.view.setFloat32(encoder.index, this.value, false);
@@ -110,12 +115,12 @@ export class Single extends Float {
     }
 }
 
-export class Double extends Float {
-    [AsPreserve](): Value {
+export class Double extends Float implements Preservable<never> {
+    [AsPreserve]<T extends object>(): Value<T> {
         return this;
     }
 
-    [PreserveOn](encoder: Encoder) {
+    [PreserveOn](encoder: Encoder<never>) {
         encoder.emitbyte(Tag.Double);
         encoder.makeroom(8);
         encoder.view.setFloat64(encoder.index, this.value, false);
@@ -133,7 +138,7 @@ export class Double extends Float {
 
 export type BytesLike = Bytes | Uint8Array;
 
-export class Bytes {
+export class Bytes implements Preservable<never> {
     readonly _view: Uint8Array;
 
     constructor(maybeByteIterable: any = new Uint8Array()) {
@@ -249,7 +254,7 @@ export class Bytes {
         return this.asPreservesText();
     }
 
-    [AsPreserve](): Value {
+    [AsPreserve]<T extends object>(): Value<T> {
         return this;
     }
 
@@ -282,7 +287,7 @@ export class Bytes {
         return nibbles.join('');
     }
 
-    [PreserveOn](encoder: Encoder) {
+    [PreserveOn](encoder: Encoder<never>) {
         encoder.emitbyte(Tag.ByteString);
         encoder.varint(this.length);
         encoder.emitbytes(this._view);
@@ -313,13 +318,15 @@ export function underlying(b: Bytes | Uint8Array): Uint8Array {
 }
 
 declare global {
-    interface Boolean { asPreservesText(): string; }
-    interface Number { asPreservesText(): string; }
-    interface String { asPreservesText(): string; }
-    interface Symbol { asPreservesText(): string; }
-    interface Array<T> { asPreservesText(): string; }
+    interface Object { asPreservesText(): string; }
 }
 
+Object.defineProperty(Object.prototype, 'asPreservesText', {
+    enumerable: false,
+    writable: true,
+    value: function(): string { return '#!' + JSON.stringify(this); }
+});
+
 Boolean.prototype.asPreservesText = function (): string {
     return this ? '#t' : '#f';
 };
@@ -338,7 +345,7 @@ Symbol.prototype.asPreservesText = function (): string {
 };
 
 Array.prototype.asPreservesText = function (): string {
-    return '[' + this.map((i: Value) => i.asPreservesText()).join(', ') + ']';
+    return '[' + this.map((i: Value<any>) => i.asPreservesText()).join(', ') + ']';
 };
 
 // Uint8Array / TypedArray methods
@@ -409,10 +416,10 @@ keys lastIndexOf reduce reduceRight some toLocaleString values`.split(/\s+/))
     Bytes.prototype[Symbol.iterator] = function () { return this._view[Symbol.iterator](); };
 })();
 
-export class Record extends Array<Value> {
-    readonly label: Value;
+export class Record<T extends object> extends Array<Value<T>> {
+    readonly label: Value<T>;
 
-    constructor(label: Value, fieldsJS: any[]) {
+    constructor(label: Value<T>, fieldsJS: any[]) {
         if (arguments.length === 1) {
             // Using things like someRecord.map() involves the runtime
             // apparently instantiating instances of this.constructor
@@ -430,15 +437,15 @@ export class Record extends Array<Value> {
         Object.freeze(this);
     }
 
-    get(index: number, defaultValue?: Value): Value | undefined {
+    get(index: number, defaultValue?: Value<T>): Value<T> | undefined {
         return (index < this.length) ? this[index] : defaultValue;
     }
 
-    set(index: number, newValue: Value): Record {
+    set(index: number, newValue: Value<T>): Record<T> {
         return new Record(this.label, this.map((f, i) => (i === index) ? newValue : f));
     }
 
-    getConstructorInfo(): RecordConstructorInfo {
+    getConstructorInfo(): RecordConstructorInfo<T> {
         return { label: this.label, arity: this.length };
     }
 
@@ -448,13 +455,13 @@ export class Record extends Array<Value> {
             this.every((f, i) => is(f, other.get(i)));
     }
 
-    hashCode(): number {
-        let h = hash(this.label);
-        this.forEach((f) => h = ((31 * h) + hash(f)) | 0);
-        return h;
-    }
+    // hashCode(): number {
+    //     let h = hash(this.label);
+    //     this.forEach((f) => h = ((31 * h) + hash(f)) | 0);
+    //     return h;
+    // }
 
-    static fallbackToString: (f: Value) => string = (_f) => '<unprintable_preserves_field_value>';
+    static fallbackToString: (f: Value<any>) => string = (_f) => '<unprintable_preserves_field_value>';
 
     toString(): string {
         return this.asPreservesText();
@@ -475,26 +482,26 @@ export class Record extends Array<Value> {
             }).join(', ') + ')';
     }
 
-    static makeConstructor(labelSymbolText: string, fieldNames: string[]) {
+    static makeConstructor<T extends object>(labelSymbolText: string, fieldNames: string[]): RecordConstructor<T> {
         return Record.makeBasicConstructor(Symbol.for(labelSymbolText), fieldNames);
     }
 
-    static makeBasicConstructor(label0: any, fieldNames: string[]): RecordConstructor {
-        const label = fromJS(label0);
+    static makeBasicConstructor<T extends object>(label0: any, fieldNames: string[]): RecordConstructor<T> {
+        const label = fromJS<T>(label0);
         const arity = fieldNames.length;
-        const ctor: RecordConstructor = (...fields: any[]) => {
+        const ctor: RecordConstructor<T> = (...fields: any[]): Record<T> => {
             if (fields.length !== arity) {
                 throw new Error("Record: cannot instantiate " + (label && label.toString()) +
                     " expecting " + arity + " fields with " + fields.length + " fields");
             }
-            return new Record(label, fields);
+            return new Record<T>(label, fields);
         };
         const constructorInfo = { label, arity };
         ctor.constructorInfo = constructorInfo;
-        ctor.isClassOf = (v: any): v is Record => Record.isClassOf(constructorInfo, v);
+        ctor.isClassOf = (v: any): v is Record<T> => Record.isClassOf(constructorInfo, v);
         ctor._ = {};
         fieldNames.forEach((name, i) => {
-            ctor._[name] = function (r: any): Value | undefined {
+            ctor._[name] = function (r: any): Value<T> | undefined {
                 if (!ctor.isClassOf(r)) {
                     throw new Error("Record: attempt to retrieve field "+label.toString()+"."+name+
                         " from non-"+label.toString()+": "+(r && r.toString()));
@@ -505,7 +512,7 @@ export class Record extends Array<Value> {
         return ctor;
     }
 
-    [PreserveOn](encoder: Encoder) {
+    [PreserveOn](encoder: Encoder<T>) {
         encoder.emitbyte(Tag.Record);
         encoder.push(this.label);
         this.forEach((f) => encoder.push(f));
@@ -516,24 +523,24 @@ export class Record extends Array<Value> {
         return true;
     }
 
-    static isRecord(x: any): x is Record {
+    static isRecord<T extends object>(x: any): x is Record<T> {
         return !!x?.[IsPreservesRecord];
     }
 
-    static isClassOf(ci: RecordConstructorInfo, v: any): v is Record {
+    static isClassOf<T extends object>(ci: RecordConstructorInfo<T>, v: any): v is Record<T> {
         return (Record.isRecord(v)) && is(ci.label, v.label) && (ci.arity === v.length);
     }
 }
 
-export interface RecordConstructor {
-    (...fields: any[]): Record;
-    constructorInfo: RecordConstructorInfo;
-    isClassOf(v: any): v is Record;
-    _: { [getter: string]: (r: any) => Value | undefined };
+export interface RecordConstructor<T extends object> {
+    (...fields: any[]): Record<T>;
+    constructorInfo: RecordConstructorInfo<T>;
+    isClassOf(v: any): v is Record<T>;
+    _: { [getter: string]: (r: any) => Value<T> | undefined };
 }
 
-export interface RecordConstructorInfo {
-    label: Value;
+export interface RecordConstructorInfo<T extends object> {
+    label: Value<T>;
     arity: number;
 }
 
@@ -544,7 +551,7 @@ export function is(a: any, b: any): boolean {
     if (typeof a !== typeof b) return false;
     if (typeof a === 'object') {
         if (a === null || b === null) return false;
-        if ('equals' in a) return a.equals(b, is);
+        if ('equals' in a && typeof a.equals === 'function') return a.equals(b, is);
         if (Array.isArray(a) && Array.isArray(b)) {
             if (a.length !== b.length) return false;
             for (let i = 0; i < a.length; i++) if (!is(a[i], b[i])) return false;
@@ -554,36 +561,32 @@ export function is(a: any, b: any): boolean {
     return false;
 }
 
-export function hash(a: Value): number {
-    throw new Error("shouldBeImplemented"); // TODO
-}
-
 export type DictionaryType = 'Dictionary' | 'Set';
 export const DictionaryType = Symbol.for('DictionaryType');
 
-export class Dictionary<T> extends FlexMap<Value, T> {
+export class Dictionary<T extends object, V> extends FlexMap<Value<T>, V> {
     get [DictionaryType](): DictionaryType {
         return 'Dictionary';
     }
 
-    static isDictionary<T>(x: any): x is Dictionary<T> {
+    static isDictionary<T extends object, V>(x: any): x is Dictionary<T, V> {
         return x?.[DictionaryType] === 'Dictionary';
     }
 
-    static fromJS(x: object): Dictionary<Value> {
-        if (Dictionary.isDictionary(x)) return x as Dictionary<Value>;
-        const d = new Dictionary<Value>();
+    static fromJS<T extends object, V extends object>(x: object): Dictionary<T, Value<V>> {
+        if (Dictionary.isDictionary<T, V>(x)) return x as Dictionary<T, Value<V>>;
+        const d = new Dictionary<T, Value<V>>();
         Object.entries(x).forEach(([key, value]) => d.set(key, fromJS(value)));
         return d;
     }
 
-    constructor(items?: Iterable<readonly [any, T]>) {
+    constructor(items?: Iterable<readonly [any, V]>) {
         const iter = items?.[Symbol.iterator]();
         super(canonicalString, iter === void 0 ? void 0 : _iterMap(iter, ([k,v]) => [fromJS(k), v]));
     }
 
-    mapEntries<R>(f: (entry: [Value, T]) => [Value, R]): Dictionary<R> {
-        const result = new Dictionary<R>();
+    mapEntries<R extends object, W>(f: (entry: [Value<T>, V]) => [Value<R>, W]): Dictionary<R, W> {
+        const result = new Dictionary<R, W>();
         for (let oldEntry of this.entries()) {
             const newEntry = f(oldEntry);
             result.set(newEntry[0], newEntry[1])
@@ -598,7 +601,7 @@ export class Dictionary<T> extends FlexMap<Value, T> {
             '}';
     }
 
-    clone(): Dictionary<T> {
+    clone(): Dictionary<T, V> {
         return new Dictionary(this);
     }
 
@@ -608,7 +611,7 @@ export class Dictionary<T> extends FlexMap<Value, T> {
 
     get [Symbol.toStringTag]() { return 'Dictionary'; }
 
-    [PreserveOn](encoder: Encoder) {
+    [PreserveOn](encoder: Encoder<T>) {
         if (encoder.canonical) {
             const pieces = Array.from(this).map(([k, v]) =>
                 Bytes.concat([canonicalEncode(k), canonicalEncode(v)]));
@@ -618,33 +621,33 @@ export class Dictionary<T> extends FlexMap<Value, T> {
             encoder.emitbyte(Tag.Dictionary);
             this.forEach((v, k) => {
                 encoder.push(k);
-                encoder.push(v);
+                encoder.push(v as unknown as Value<T>); // Suuuuuuuper unsound
             });
             encoder.emitbyte(Tag.End);
         }
     }
 }
 
-export class Set extends FlexSet<Value> {
+export class Set<T extends object> extends FlexSet<Value<T>> {
     get [DictionaryType](): DictionaryType {
         return 'Set';
     }
 
-    static isSet(x: any): x is Set {
+    static isSet<T extends object>(x: any): x is Set<T> {
         return x?.[DictionaryType] === 'Set';
     }
 
     constructor(items?: Iterable<any>) {
         const iter = items?.[Symbol.iterator]();
-        super(canonicalString, iter === void 0 ? void 0 : _iterMap(iter, fromJS));
+        super(canonicalString, iter === void 0 ? void 0 : _iterMap<any, Value<T>>(iter, fromJS));
     }
 
-    map(f: (value: Value) => Value): Set {
+    map<R extends object>(f: (value: Value<T>) => Value<R>): Set<R> {
         return new Set(_iterMap(this[Symbol.iterator](), f));
     }
 
-    filter(f: (value: Value) => boolean): Set {
-        const result = new Set();
+    filter(f: (value: Value<T>) => boolean): Set<T> {
+        const result = new Set<T>();
         for (let k of this) if (f(k)) result.add(k);
         return result;
     }
@@ -659,13 +662,13 @@ export class Set extends FlexSet<Value> {
             '}';
     }
 
-    clone(): Set {
+    clone(): Set<T> {
         return new Set(this);
     }
 
     get [Symbol.toStringTag]() { return 'Set'; }
 
-    [PreserveOn](encoder: Encoder) {
+    [PreserveOn](encoder: Encoder<T>) {
         if (encoder.canonical) {
             const pieces = Array.from(this).map(k => canonicalEncode(k));
             pieces.sort(Bytes.compare);
@@ -676,20 +679,20 @@ export class Set extends FlexSet<Value> {
     }
 }
 
-export class Annotated {
-    readonly annotations: Array<Value>;
-    readonly item: Value;
+export class Annotated<T extends object> {
+    readonly annotations: Array<Value<T>>;
+    readonly item: Value<T>;
 
-    constructor(item: Value) {
+    constructor(item: Value<T>) {
         this.annotations = [];
         this.item = item;
     }
 
-    [AsPreserve](): Value {
+    [AsPreserve](): Value<T> {
         return this;
     }
 
-    [PreserveOn](encoder: Encoder) {
+    [PreserveOn](encoder: Encoder<T>) {
         if (encoder.includeAnnotations) {
             for (const a of this.annotations) {
                 encoder.emitbyte(Tag.Annotation);
@@ -703,9 +706,9 @@ export class Annotated {
         return is(this.item, Annotated.isAnnotated(other) ? other.item : other);
     }
 
-    hashCode(): number {
-        return hash(this.item);
-    }
+    // hashCode(): number {
+    //     return hash(this.item);
+    // }
 
     toString(): string {
         return this.asPreservesText();
@@ -720,30 +723,30 @@ export class Annotated {
         return true;
     }
 
-    static isAnnotated(x: any): x is Annotated {
+    static isAnnotated<T extends object>(x: any): x is Annotated<T> {
         return !!x?.[IsPreservesAnnotated];
     }
 }
 
-export function peel(v: Value): Value {
+export function peel<T extends object>(v: Value<T>): Value<T> {
     return strip(v, 1);
 }
 
-export function strip(v: Value, depth: number = Infinity) {
-    function step(v: Value, depth: number): Value {
+export function strip<T extends object>(v: Value<T>, depth: number = Infinity): Value<T> {
+    function step(v: Value<T>, depth: number): Value<T> {
         if (depth === 0) return v;
-        if (!Annotated.isAnnotated(v)) return v;
+        if (!Annotated.isAnnotated<T>(v)) return v;
 
         const nextDepth = depth - 1;
-        function walk(v: Value) { return step(v, nextDepth); }
+        function walk(v: Value<T>): Value<T> { return step(v, nextDepth); }
 
-        if (Record.isRecord(v.item)) {
+        if (Record.isRecord<T>(v.item)) {
             return new Record(step(v.item.label, depth), v.item.map(walk));
         } else if (Array.isArray(v.item)) {
             return v.item.map(walk);
-        } else if (Set.isSet(v.item)) {
+        } else if (Set.isSet<T>(v.item)) {
             return v.item.map(walk);
-        } else if (Dictionary.isDictionary(v.item)) {
+        } else if (Dictionary.isDictionary<T, Value<T>>(v.item)) {
             return v.item.mapEntries((e) => [walk(e[0]), walk(e[1])]);
         } else if (Annotated.isAnnotated(v.item)) {
             throw new Error("Improper annotation structure");
@@ -754,8 +757,8 @@ export function strip(v: Value, depth: number = Infinity) {
     return step(v, depth);
 }
 
-export function annotate(v0: Value, ...anns: Value[]) {
-    const v = Annotated.isAnnotated(v0) ? v0 : new Annotated(v0);
+export function annotate<T extends object>(v0: Value<T>, ...anns: Value<T>[]): Annotated<T> {
+    const v = Annotated.isAnnotated<T>(v0) ? v0 : new Annotated(v0);
     anns.forEach((a) => v.annotations.push(a));
     return v;
 }
diff --git a/implementations/javascript/test/codec.test.ts b/implementations/javascript/test/codec.test.ts
index bb8efef..b437e55 100644
--- a/implementations/javascript/test/codec.test.ts
+++ b/implementations/javascript/test/codec.test.ts
@@ -1,21 +1,43 @@
 import {
     Value,
     Dictionary,
-    decode, decodeWithAnnotations, encodeWithAnnotations, canonicalEncode,
+    decode, decodeWithAnnotations, encode, encodeWithAnnotations, canonicalEncode,
     DecodeError, ShortPacket,
     Bytes, Record,
     annotate,
     strip, peel,
     preserves,
     fromJS,
+    Constants,
 } from '../src/index';
+const { Tag } = Constants;
 import './test-utils';
 
 import * as fs from 'fs';
 
-const Discard = Record.makeConstructor('discard', []);
-const Capture = Record.makeConstructor('capture', ['pattern']);
-const Observe = Record.makeConstructor('observe', ['pattern']);
+class Pointer {
+    v: Value<Pointer>;
+
+    constructor(v: Value<Pointer>) {
+        this.v = v;
+    }
+
+    equals(other: any, is: (a: any, b: any) => boolean) {
+        return Object.is(other.constructor, this.constructor) && is(this.v, other.v);
+    }
+}
+
+function decodePointer(v: Value<Pointer>): Pointer {
+    return new Pointer(strip(v));
+}
+
+function encodePointer(w: Pointer): Value<Pointer> {
+    return w.v;
+}
+
+const Discard = Record.makeConstructor<Pointer>('discard', []);
+const Capture = Record.makeConstructor<Pointer>('capture', ['pattern']);
+const Observe = Record.makeConstructor<Pointer>('observe', ['pattern']);
 
 describe('record constructors', () => {
     it('should have constructorInfo', () => {
@@ -61,7 +83,7 @@ describe('parsing from subarray', () => {
 
 describe('reusing buffer space', () => {
     it('should be done safely, even with nested dictionaries', () => {
-        expect(canonicalEncode(fromJS(['aaa', {a: 1}, 'zzz'])).toHex()).is(
+        expect(canonicalEncode(fromJS(['aaa', Dictionary.fromJS({a: 1}), 'zzz'])).toHex()).is(
             `b5
                b103616161
                b7
@@ -72,46 +94,115 @@ describe('reusing buffer space', () => {
     });
 });
 
+describe('encoding and decoding pointers', () => {
+    it('should encode using pointerId when no function has been supplied', () => {
+        const A1 = ({a: 1});
+        const A2 = ({a: 1});
+        const bs1 = canonicalEncode(A1);
+        const bs2 = canonicalEncode(A2);
+        const bs3 = canonicalEncode(A1);
+        expect(bs1.get(0)).toBe(Tag.Pointer);
+        expect(bs2.get(0)).toBe(Tag.Pointer);
+        expect(bs3.get(0)).toBe(Tag.Pointer);
+        // Can't really check the value assigned to the object. But we
+        // can check that it's different to a similar object!
+        expect(bs1).not.is(bs2);
+        expect(bs1).is(bs3);
+    });
+    it('should refuse to decode pointers when no function has been supplied', () => {
+        expect(() => decode(Bytes.from([Tag.Pointer, Tag.SmallInteger_lo])))
+            .toThrow('No decodePointer function supplied');
+    });
+    it('should encode properly', () => {
+        const objects: object[] = [];
+        const A = {a: 1};
+        const B = {b: 2};
+        expect(encode(
+            [A, B],
+            {
+                encodePointer(v: object): Value<object> {
+                    objects.push(v);
+                    return objects.length - 1;
+                }
+            })).is(Bytes.from([Tag.Sequence,
+                           Tag.Pointer, Tag.SmallInteger_lo,
+                           Tag.Pointer, Tag.SmallInteger_lo + 1,
+                           Tag.End]));
+        expect(objects).is([A, B]);
+    });
+    it('should decode properly', () => {
+        const X = {x: 123};
+        const Y = {y: 456};
+        const objects: object[] = [X, Y];
+        expect(decode(Bytes.from([
+            Tag.Sequence,
+            Tag.Pointer, Tag.SmallInteger_lo,
+            Tag.Pointer, Tag.SmallInteger_lo + 1,
+            Tag.End
+        ]), {
+            decodePointer(v: Value<object>): object {
+                if (typeof v !== 'number' || v < 0 || v >= objects.length) {
+                    throw new Error("Unknown pointer target");
+                }
+                return objects[v];
+            }
+        })).is([X, Y]);
+    });
+    it('should store pointers embedded in map keys correctly', () => {
+        const A1 = ({a: 1});
+        const A2 = ({a: 1});
+        const m = new Dictionary<object, Value<object>>();
+        m.set([A1], 1);
+        m.set([A2], 2);
+        expect(m.get(A1)).toBeUndefined();
+        expect(m.get([A1])).toBe(1);
+        expect(m.get([A2])).toBe(2);
+        expect(m.get([{a: 1}])).toBeUndefined();
+        A1.a = 3;
+        expect(m.get([A1])).toBe(1);
+    });
+});
+
 describe('common test suite', () => {
     const samples_bin = fs.readFileSync(__dirname + '/../../../tests/samples.bin');
-    const samples = decodeWithAnnotations(samples_bin);
+    const samples = decodeWithAnnotations(samples_bin, { decodePointer });
 
     const TestCases = Record.makeConstructor('TestCases', ['cases']);
 
     function DS(bs: Bytes) {
-        return decode(bs);
+        return decode(bs, { decodePointer });
     }
     function D(bs: Bytes) {
-        return decodeWithAnnotations(bs);
+        return decodeWithAnnotations(bs, { decodePointer });
     }
-    function E(v: Value) {
-        return encodeWithAnnotations(v);
+    function E(v: Value<Pointer>) {
+        return encodeWithAnnotations(v, { encodePointer });
     }
 
     interface ExpectedValues {
-        [testName: string]: { value: Value } | { forward: Value, back: Value };
+        [testName: string]: { value: Value<Pointer> } | { forward: Value<Pointer>, back: Value<Pointer> };
     }
 
     const expectedValues: ExpectedValues = {
-        annotation1: { forward: annotate(9, "abc"),
+        annotation1: { forward: annotate<Pointer>(9, "abc"),
                        back: 9 },
-        annotation2: { forward: annotate([[], annotate([], "x")], "abc", "def"),
+        annotation2: { forward: annotate<Pointer>([[], annotate<Pointer>([], "x")], "abc", "def"),
                        back: [[], []] },
-        annotation3: { forward: annotate(5,
-                                         annotate(2, 1),
-                                         annotate(4, 3)),
+        annotation3: { forward: annotate<Pointer>(5,
+                                                  annotate<Pointer>(2, 1),
+                                                  annotate<Pointer>(4, 3)),
                        back: 5 },
-        annotation5: { forward: annotate(new Record(Symbol.for('R'),
+        annotation5: { forward: annotate(new Record<Pointer>(Symbol.for('R'),
+                                                             [annotate(Symbol.for('f'),
+                                                                       Symbol.for('af'))]),
+                                         Symbol.for('ar')),
+                       back: new Record<Pointer>(Symbol.for('R'), [Symbol.for('f')]) },
+        annotation6: { forward: new Record<Pointer>(annotate<Pointer>(Symbol.for('R'),
+                                                                      Symbol.for('ar')),
                                                     [annotate(Symbol.for('f'),
                                                               Symbol.for('af'))]),
-                                         Symbol.for('ar')),
-                       back: new Record(Symbol.for('R'), [Symbol.for('f')]) },
-        annotation6: { forward: new Record(annotate(Symbol.for('R'),
-                                                    Symbol.for('ar')),
-                                           [annotate(Symbol.for('f'),
-                                                     Symbol.for('af'))]),
-                       back: new Record(Symbol.for('R'), [Symbol.for('f')]) },
-        annotation7: { forward: annotate([], Symbol.for('a'), Symbol.for('b'), Symbol.for('c')),
+                       back: new Record<Pointer>(Symbol.for('R'), [Symbol.for('f')]) },
+        annotation7: { forward: annotate<Pointer>([], Symbol.for('a'), Symbol.for('b'), Symbol.for('c')),
                        back: [] },
         list1: { forward: [1, 2, 3, 4],
                  back: [1, 2, 3, 4] },
@@ -123,7 +214,7 @@ describe('common test suite', () => {
 
     type Variety = 'normal' | 'nondeterministic' | 'decode';
 
-    function runTestCase(variety: Variety, tName: string, binaryForm: Bytes, annotatedTextForm: Value) {
+    function runTestCase(variety: Variety, tName: string, binaryForm: Bytes, annotatedTextForm: Value<Pointer>) {
         describe(tName, () => {
             const textForm = strip(annotatedTextForm);
             const {forward, back} = (function () {
@@ -150,10 +241,10 @@ describe('common test suite', () => {
         });
     }
 
-    const tests = peel(TestCases._.cases(peel(samples))!) as Dictionary<Value>;
-    tests.forEach((t0: Value, tName0: Value) => {
+    const tests = peel(TestCases._.cases(peel(samples))!) as Dictionary<Pointer, Value<Pointer>>;
+    tests.forEach((t0: Value<Pointer>, tName0: Value<Pointer>) => {
         const tName = Symbol.keyFor(strip(tName0) as symbol)!;
-        const t = peel(t0) as Record;
+        const t = peel(t0) as Record<Pointer>;
         switch (t.label) {
             case Symbol.for('Test'):
                 runTestCase('normal', tName, strip(t[0]) as Bytes, t[1]);
diff --git a/implementations/javascript/test/test-utils.ts b/implementations/javascript/test/test-utils.ts
index 404b364..2562512 100644
--- a/implementations/javascript/test/test-utils.ts
+++ b/implementations/javascript/test/test-utils.ts
@@ -4,7 +4,7 @@ import '../src/node_support';
 declare global {
     namespace jest {
         interface Matchers<R> {
-            is(expected: Value): R;
+            is<T extends object>(expected: Value<T>): R;
             toThrowFilter(f: (e: Error) => boolean): R;
         }
     }
diff --git a/implementations/python/preserves/preserves.py b/implementations/python/preserves/preserves.py
index 34b9662..7eaf2ba 100644
--- a/implementations/python/preserves/preserves.py
+++ b/implementations/python/preserves/preserves.py
@@ -257,11 +257,12 @@ def annotate(v, *anns):
     return v
 
 class Decoder(Codec):
-    def __init__(self, packet=b'', include_annotations=False):
+    def __init__(self, packet=b'', include_annotations=False, decode_pointer=None):
         super(Decoder, self).__init__()
         self.packet = packet
         self.index = 0
         self.include_annotations = include_annotations
+        self.decode_pointer = decode_pointer
 
     def extend(self, data):
         self.packet = self.packet[self.index:] + data
@@ -327,6 +328,10 @@ class Decoder(Codec):
             a = self.next()
             v = self.next()
             return self.unshift_annotation(a, v)
+        if tag == 0x86:
+            if self.decode_pointer is None:
+                raise DecodeError('No decode_pointer function supplied')
+            return self.wrap(self.decode_pointer(self.next()))
         if tag >= 0x90 and tag <= 0x9f: return self.wrap(tag - (0xa0 if tag > 0x9c else 0x90))
         if tag >= 0xa0 and tag <= 0xaf: return self.wrap(self.nextint(tag - 0xa0 + 1))
         if tag == 0xb0: return self.wrap(self.nextint(self.varint()))
@@ -350,16 +355,17 @@ class Decoder(Codec):
             self.index = start
             return None
 
-def decode(bs):
-    return Decoder(packet=bs).next()
+def decode(bs, **kwargs):
+    return Decoder(packet=bs, **kwargs).next()
 
-def decode_with_annotations(bs):
-    return Decoder(packet=bs, include_annotations=True).next()
+def decode_with_annotations(bs, **kwargs):
+    return Decoder(packet=bs, include_annotations=True, **kwargs).next()
 
 class Encoder(Codec):
-    def __init__(self):
+    def __init__(self, encode_pointer=id):
         super(Encoder, self).__init__()
         self.buffer = bytearray()
+        self.encode_pointer = encode_pointer
 
     def contents(self):
         return bytes(self.buffer)
@@ -428,10 +434,12 @@ class Encoder(Codec):
             try:
                 i = iter(v)
             except TypeError:
-                raise EncodeError('Cannot encode %r' % (v,))
+                self.buffer.append(0x86)
+                self.append(self.encode_pointer(v))
+                return
             self.encodevalues(5, i)
 
-def encode(v):
-    e = Encoder()
+def encode(v, **kwargs):
+    e = Encoder(**kwargs)
     e.append(v)
     return e.contents()
diff --git a/implementations/python/preserves/test_preserves.py b/implementations/python/preserves/test_preserves.py
index 9386991..ec55392 100644
--- a/implementations/python/preserves/test_preserves.py
+++ b/implementations/python/preserves/test_preserves.py
@@ -157,6 +157,37 @@ class CodecTests(unittest.TestCase):
         self._roundtrip((False,) * 100, _buf(0xb5, b'\x80' * 100, 0x84))
         self._roundtrip((False,) * 200, _buf(0xb5, b'\x80' * 200, 0x84))
 
+    def test_pointer_id(self):
+        class A:
+            def __init__(self, a):
+                self.a = a
+        a1 = A(1)
+        a2 = A(1)
+        self.assertNotEqual(_e(a1), _e(a2))
+        self.assertEqual(_e(a1), _e(a1))
+        from .preserves import _ord
+        self.assertEqual(_ord(_e(a1)[0]), 0x86)
+        self.assertEqual(_ord(_e(a2)[0]), 0x86)
+
+    def test_decode_pointer_absent(self):
+        with self.assertRaises(DecodeError):
+            decode(b'\x86\xa0\xff')
+
+    def test_encode_pointer(self):
+        objects = []
+        def enc(p):
+            objects.append(p)
+            return len(objects) - 1
+        self.assertEqual(encode([object(), object()], encode_pointer = enc),
+                         b'\xb5\x86\x90\x86\x91\x84')
+
+    def test_decode_pointer(self):
+        objects = [123, 234]
+        def dec(v):
+            return objects[v]
+        self.assertEqual(decode(b'\xb5\x86\x90\x86\x91\x84', decode_pointer = dec),
+                         (123, 234))
+
 def add_method(d, tName, fn):
     if hasattr(fn, 'func_name'):
         # python2
@@ -223,11 +254,26 @@ def install_exn_test(d, tName, bs, check_proc):
         self.fail('did not fail as expected')
     add_method(d, tName, test_exn)
 
+class Pointer:
+    def __init__(self, v):
+        self.v = strip_annotations(v)
+
+    @staticmethod
+    def value(i):
+        return i.v
+
+    def __eq__(self, other):
+        if other.__class__ is self.__class__:
+            return self.v == other.v
+
+    def __hash__(self):
+        return hash(self.v)
+
 class CommonTestSuite(unittest.TestCase):
     import os
     with open(os.path.join(os.path.dirname(__file__),
                            '../../../tests/samples.bin'), 'rb') as f:
-        samples = Decoder(f.read(), include_annotations=True).next()
+        samples = Decoder(f.read(), include_annotations=True, decode_pointer=Pointer).next()
 
     TestCases = Record.makeConstructor('TestCases', 'cases')
 
@@ -257,13 +303,13 @@ class CommonTestSuite(unittest.TestCase):
             raise Exception('Unsupported test kind', t.key)
 
     def DS(self, bs):
-        return decode(bs)
+        return decode(bs, decode_pointer=Pointer)
 
     def D(self, bs):
-        return decode_with_annotations(bs)
+        return decode_with_annotations(bs, decode_pointer=Pointer)
 
     def E(self, v):
-        return encode(v)
+        return encode(v, encode_pointer=Pointer.value)
 
 class RecordTests(unittest.TestCase):
     def test_getters(self):
diff --git a/implementations/python/setup.py b/implementations/python/setup.py
index c3940cd..10c5fa5 100644
--- a/implementations/python/setup.py
+++ b/implementations/python/setup.py
@@ -5,7 +5,7 @@ except ImportError:
 
 setup(
     name="preserves",
-    version="0.4.0",
+    version="0.5.0",
     author="Tony Garnock-Jones",
     author_email="tonyg@leastfixedpoint.com",
     license="Apache Software License",
diff --git a/implementations/racket/preserves/preserves/jelly.rkt b/implementations/racket/preserves/preserves/jelly.rkt
index 54383e4..45d13b3 100644
--- a/implementations/racket/preserves/preserves/jelly.rkt
+++ b/implementations/racket/preserves/preserves/jelly.rkt
@@ -11,6 +11,7 @@
 (struct record (label fields) #:transparent)
 (struct float (value) #:transparent) ;; a marker for single-precision I/O
 (struct annotated (annotations item) #:transparent)
+(struct pointer (value) #:transparent)
 
 ;;---------------------------------------------------------------------------
 ;; Reader
@@ -29,6 +30,7 @@
                 (match (next)
                   [(annotated as i) (annotated (cons a as) i)]
                   [i (annotated (list a) i)]))]
+        [#x86 (pointer (next))]
         [(? (between #x90 #x9C) v) (- v #x90)]
         [(? (between #x9D #x9F) v) (- v #xA0)]
         [(? (between #xA0 #xAF) v) (next-integer (- v #xA0 -1))]
@@ -85,6 +87,8 @@
        (for [(a (in-list as))] (write-byte #x85 out-port) (output a))
        (output v)]
 
+      [(pointer v) (write-byte #x86 out-port) (output v)]
+
       [(? integer?)
        (cond [(<= -3 v -1) (write-byte (+ v #xA0) out-port)]
              [(<= 0 v 12)  (write-byte (+ v #x90) out-port)]
diff --git a/implementations/racket/preserves/preserves/main.rkt b/implementations/racket/preserves/preserves/main.rkt
index e7556fb..ef03b91 100644
--- a/implementations/racket/preserves/preserves/main.rkt
+++ b/implementations/racket/preserves/preserves/main.rkt
@@ -25,8 +25,14 @@
 
 (define (read-preserve [in-port (current-input-port)]
                        #:read-syntax? [read-syntax? #f]
+                       #:decode-pointer [decode-pointer #f]
                        #:source [source (object-name in-port)])
   (define b (peek-byte in-port))
   (cond [(eof-object? b) b]
-        [(<= #x80 b #xBF) (read-preserve/binary in-port #:read-syntax? read-syntax?)]
-        [else (read-preserve/text in-port #:read-syntax? read-syntax? #:source source)]))
+        [(<= #x80 b #xBF) (read-preserve/binary in-port
+                                                #:read-syntax? read-syntax?
+                                                #:decode-pointer decode-pointer)]
+        [else (read-preserve/text in-port
+                                  #:read-syntax? read-syntax?
+                                  #:decode-pointer decode-pointer
+                                  #:source source)]))
diff --git a/implementations/racket/preserves/preserves/object-id.rkt b/implementations/racket/preserves/preserves/object-id.rkt
new file mode 100644
index 0000000..9a59ff2
--- /dev/null
+++ b/implementations/racket/preserves/preserves/object-id.rkt
@@ -0,0 +1,9 @@
+#lang racket/base
+
+(provide object-id)
+
+(define table (make-weak-hasheq))
+(define next 0)
+
+(define (object-id x)
+  (hash-ref! table x (lambda () (let ((v next)) (set! next (+ v 1)) v))))
diff --git a/implementations/racket/preserves/preserves/order.rkt b/implementations/racket/preserves/preserves/order.rkt
index fd1b19d..f1d156c 100644
--- a/implementations/racket/preserves/preserves/order.rkt
+++ b/implementations/racket/preserves/preserves/order.rkt
@@ -32,7 +32,7 @@
     [(? list?) 8]
     [(? set?) 9]
     [(? dict?) 10]
-    [_ (error 'preserve-order "Cannot compare value ~v" v)]))
+    [_ 11]))
 
 (define-syntax chain-order
   (syntax-rules ()
diff --git a/implementations/racket/preserves/preserves/read-binary.rkt b/implementations/racket/preserves/preserves/read-binary.rkt
index a498a96..47334a0 100644
--- a/implementations/racket/preserves/preserves/read-binary.rkt
+++ b/implementations/racket/preserves/preserves/read-binary.rkt
@@ -13,9 +13,12 @@
 
 (define (default-on-short) (error 'read-preserve/binary "Short Preserves binary"))
 (define (default-on-fail message . args) (error 'read-preserve/binary (apply format message args)))
+(define (default-decode-pointer v)
+  (error 'read-preserve/binary "No decode-pointer function supplied"))
 
 (define (bytes->preserve bs
                          #:read-syntax? [read-syntax? #f]
+                         #:decode-pointer [decode-pointer #f]
                          #:on-short [on-short default-on-short]
                          [on-fail default-on-fail])
   (call-with-input-bytes
@@ -23,6 +26,7 @@
    (lambda (p)
      (match (read-preserve/binary p
                                   #:read-syntax? read-syntax?
+                                  #:decode-pointer decode-pointer
                                   #:on-short on-short
                                   on-fail)
        [(? eof-object?) (on-short)]
@@ -32,9 +36,11 @@
 
 (define (read-preserve/binary [in-port (current-input-port)]
                               #:read-syntax? [read-syntax? #f]
+                              #:decode-pointer [decode-pointer0 #f]
                               #:on-short [on-short default-on-short]
                               [on-fail default-on-fail])
   (define read-annotations? read-syntax?)
+  (define decode-pointer (or decode-pointer0 default-decode-pointer))
   (let/ec return
 
     (define (next) (wrap (pos) (next* (next-byte))))
@@ -70,6 +76,7 @@
                 (if read-annotations?
                     (annotate (next) a)
                     (next)))]
+        [#x86 (decode-pointer (next))]
         [(? (between #x90 #x9C) v) (- v #x90)]
         [(? (between #x9D #x9F) v) (- v #xA0)]
         [(? (between #xA0 #xAF) v) (next-integer (- v #xA0 -1))]
diff --git a/implementations/racket/preserves/preserves/read-text.rkt b/implementations/racket/preserves/preserves/read-text.rkt
index 941b2ab..2f59682 100644
--- a/implementations/racket/preserves/preserves/read-text.rkt
+++ b/implementations/racket/preserves/preserves/read-text.rkt
@@ -24,13 +24,18 @@
               pos
               #f))
 
+(define (default-decode-pointer v)
+  (error 'read-preserve/text "No decode-pointer function supplied"))
+
 (define (string->preserve s
                           #:read-syntax? [read-syntax? #f]
+                          #:decode-pointer [decode-pointer #f]
                           #:source [source "<string>"])
   (define p (open-input-string s))
   (when read-syntax? (port-count-lines! p))
   (define v (read-preserve/text p
                                 #:read-syntax? read-syntax?
+                                #:decode-pointer decode-pointer
                                 #:source source))
   (when (eof-object? v)
     (parse-error* #:raise-proc raise-read-eof-error p source "Unexpected end of input"))
@@ -48,8 +53,10 @@
 
 (define (read-preserve/text [in-port (current-input-port)]
                             #:read-syntax? [read-syntax? #f]
+                            #:decode-pointer [decode-pointer0 #f]
                             #:source [source (object-name in-port)])
   (define read-annotations? read-syntax?)
+  (define decode-pointer (or decode-pointer0 default-decode-pointer))
 
   ;;---------------------------------------------------------------------------
   ;; Core of parser
@@ -89,6 +96,7 @@
                      (apply parse-error (string-append "Embedded binary value: " message) args))
                    #:read-syntax? read-syntax?
                    #:on-short (lambda () (parse-error "Incomplete embedded binary value")))]
+             [#\! (decode-pointer (next))]
              [c (parse-error "Invalid # syntax: ~v" c)])]
 
       [#\< (match (read-sequence #\>)
diff --git a/implementations/racket/preserves/preserves/tests/test-main.rkt b/implementations/racket/preserves/preserves/tests/test-main.rkt
index a2305ec..2117208 100644
--- a/implementations/racket/preserves/preserves/tests/test-main.rkt
+++ b/implementations/racket/preserves/preserves/tests/test-main.rkt
@@ -9,14 +9,22 @@
 (require racket/runtime-path)
 (require syntax/srcloc)
 
+(struct pointer (value) #:transparent)
+
+(define (pointer/no-annotations v)
+  (pointer (strip-annotations v)))
+
 (define (d bs #:allow-invalid-prefix? [allow-invalid-prefix? #f])
   (for [(i (in-range 1 (- (bytes-length bs) 1)))]
-    (define result (bytes->preserve (subbytes bs 0 i) #:on-short (lambda () 'short) void))
+    (define result (bytes->preserve (subbytes bs 0 i)
+                                    #:decode-pointer pointer/no-annotations
+                                    #:on-short (lambda () 'short) void))
     (when (and (not (eq? result 'short))
                (not (and allow-invalid-prefix? (void? result))))
       (error 'd "~a-byte prefix of ~v does not read as short; result: ~v" i bs result)))
   (bytes->preserve bs
                    #:read-syntax? #t
+                   #:decode-pointer pointer/no-annotations
                    #:on-short (lambda () 'short)
                    void))
 
@@ -125,16 +133,31 @@
     (match (hash-ref samples-txt-expected t-name text-form)
       [(asymmetric f b) (values f b #f)] ;; #f because e.g. annotation4 includes annotations
       [v (values v v #t)]))
-  (check-equal? text-form back loc)                                              ;; expectation 1
-  (check-equal? (d-strip (preserve->bytes text-form)) back loc)                           ;; expectation 2
-  (check-equal? (d-strip (preserve->bytes forward)) back loc)                             ;; expectation 3
-  (check-equal? (d-strip binary-form) back loc)                                  ;; expectation 4
-  (check-equal? (d binary-form) annotated-text-form loc)                         ;; expectation 5
-  (check-equal? (d (preserve->bytes annotated-text-form)) annotated-text-form loc)        ;; expectation 6
-  (check-equal? (string->preserve (preserve->string text-form)) back loc)        ;; expectation 7
-  (check-equal? (string->preserve (preserve->string forward)) back loc)          ;; expectation 8
+  (check-equal? text-form back loc)                      ;; expectation 1
+  (check-equal? (d-strip (preserve->bytes #:encode-pointer pointer-value text-form))
+                back
+                loc)                                     ;; expectation 2
+  (check-equal? (d-strip (preserve->bytes #:encode-pointer pointer-value forward))
+                back
+                loc)                                     ;; expectation 3
+  (check-equal? (d-strip binary-form) back loc)          ;; expectation 4
+  (check-equal? (d binary-form) annotated-text-form loc) ;; expectation 5
+  (check-equal? (d (preserve->bytes #:encode-pointer pointer-value annotated-text-form))
+                annotated-text-form
+                loc)                                     ;; expectation 6
+  (check-equal? (string->preserve #:decode-pointer pointer/no-annotations
+                                  (preserve->string #:encode-pointer pointer-value text-form))
+                back
+                loc)                                     ;; expectation 7
+  (check-equal? (string->preserve #:decode-pointer pointer/no-annotations
+                                  (preserve->string #:encode-pointer pointer-value forward))
+                back
+                loc)                                     ;; expectation 8
   ;; similar to 8:
-  (check-equal? (string->preserve (preserve->string annotated-text-form) #:read-syntax? #t)
+  (check-equal? (string->preserve #:decode-pointer pointer/no-annotations
+                                  (preserve->string #:encode-pointer pointer-value
+                                                    annotated-text-form)
+                                  #:read-syntax? #t)
                 annotated-text-form
                 loc)
   (when (and (not (memq variety '(decode)))
@@ -142,13 +165,16 @@
                  (and can-execute-nondet-with-canonicalization?)))
     ;; expectations 9 and 10
     (check-equal? (preserve->bytes forward
+                                   #:encode-pointer pointer-value
                                    #:canonicalizing? #t
                                    #:write-annotations? #t)
                   binary-form
                   loc))
   (unless (memq variety '(decode nondeterministic))
     ;; expectation 11
-    (check-equal? (preserve->bytes annotated-text-form #:write-annotations? #t)
+    (check-equal? (preserve->bytes annotated-text-form
+                                   #:encode-pointer pointer-value
+                                   #:write-annotations? #t)
                   binary-form
                   loc)))
 
@@ -157,7 +183,10 @@
        (testfile (call-with-input-file path
                    (lambda (p)
                      (port-count-lines! p)
-                     (read-preserve p #:read-syntax? #t #:source path)))))
+                     (read-preserve p
+                                    #:read-syntax? #t
+                                    #:decode-pointer pointer/no-annotations
+                                    #:source path)))))
   (match-define (peel-annotations `#s(TestCases ,tests)) testfile)
   (for [((t-name* t*) (in-hash (annotated-item tests)))]
     (define t-name (strip-annotations t-name*))
diff --git a/implementations/racket/preserves/preserves/tool.rkt b/implementations/racket/preserves/preserves/tool.rkt
index 6923b77..0701b47 100644
--- a/implementations/racket/preserves/preserves/tool.rkt
+++ b/implementations/racket/preserves/preserves/tool.rkt
@@ -43,19 +43,21 @@
                 ["--no-annotations" "Strip annotations"
                  (set! annotations? #f)])
 
+  (struct pointer (value) #:transparent)
+
   (let loop ((count count))
     (when (positive? count)
       (define v ((if annotations? values strip-annotations)
                  (match input-format
-                   ['any (read-preserve #:read-syntax? #t #:source "<stdin>")]
-                   ['text (read-preserve/text #:read-syntax? #t #:source "<stdin>")]
-                   ['binary (read-preserve/binary #:read-syntax? #t)])))
+                   ['any (read-preserve #:read-syntax? #t #:decode-pointer pointer #:source "<stdin>")]
+                   ['text (read-preserve/text #:read-syntax? #t #:decode-pointer pointer #:source "<stdin>")]
+                   ['binary (read-preserve/binary #:decode-pointer pointer #:read-syntax? #t)])))
       (when (not (eof-object? v))
         (void (match output-format
                 ['text
-                 (write-preserve/text v #:indent indent?)
+                 (write-preserve/text v #:indent indent? #:encode-pointer pointer-value)
                  (newline)]
                 ['binary
-                 (write-preserve/binary v #:write-annotations? #t)]))
+                 (write-preserve/binary v #:encode-pointer pointer-value #:write-annotations? #t)]))
         (flush-output)
         (loop (- count 1))))))
diff --git a/implementations/racket/preserves/preserves/write-binary.rkt b/implementations/racket/preserves/preserves/write-binary.rkt
index f4a1f80..cf128c0 100644
--- a/implementations/racket/preserves/preserves/write-binary.rkt
+++ b/implementations/racket/preserves/preserves/write-binary.rkt
@@ -9,21 +9,26 @@
 (require "float.rkt")
 (require "annotation.rkt")
 (require "varint.rkt")
+(require "object-id.rkt")
 (require racket/set)
 (require racket/dict)
 (require (only-in racket/list flatten))
 
 (define (preserve->bytes v
                          #:canonicalizing? [canonicalizing? #t]
+                         #:encode-pointer [encode-pointer #f]
                          #:write-annotations? [write-annotations? (not canonicalizing?)])
   (call-with-output-bytes
    (lambda (p) (write-preserve/binary v p
                                       #:canonicalizing? canonicalizing?
+                                      #:encode-pointer encode-pointer
                                       #:write-annotations? write-annotations?))))
 
 (define (write-preserve/binary v [out-port (current-output-port)]
                                #:canonicalizing? [canonicalizing? #t]
+                               #:encode-pointer [encode-pointer0 #f]
                                #:write-annotations? [write-annotations? (not canonicalizing?)])
+  (define encode-pointer (or encode-pointer0 object-id))
 
   (define (output-byte b)
     (write-byte b out-port))
@@ -115,6 +120,8 @@
       [(? set?)              (with-seq 6 (output-set v))]
       [(? dict?)             (with-seq 7 (output-dict v))]
 
-      [_ (error 'write-preserve/binary "Invalid value: ~v" v)]))
+      [other
+       (output-byte #x86)
+       (output (encode-pointer other))]))
 
   (output v))
diff --git a/implementations/racket/preserves/preserves/write-text.rkt b/implementations/racket/preserves/preserves/write-text.rkt
index 6e0a999..a0381a1 100644
--- a/implementations/racket/preserves/preserves/write-text.rkt
+++ b/implementations/racket/preserves/preserves/write-text.rkt
@@ -12,6 +12,7 @@
 (require "annotation.rkt")
 (require "float.rkt")
 (require "record.rkt")
+(require "object-id.rkt")
 (require racket/dict)
 (require racket/set)
 (require (only-in racket/port with-output-to-string))
@@ -24,7 +25,9 @@
 
 (define (write-preserve/text v0 [o (current-output-port)]
                              #:indent [indent-amount0 #f]
+                             #:encode-pointer [encode-pointer0 #f]
                              #:write-annotations? [write-annotations? #t])
+  (define encode-pointer (or encode-pointer0 object-id))
   (define indent-amount (match indent-amount0
                           [#f 0]
                           [#t 2] ;; a default
@@ -164,15 +167,18 @@
       [(? list?) (write-sequence distance "[" "," "]" write-value v)]
       [(? set?)  (write-sequence distance "#{" "," "}" write-value (set->list v))]
       [(? dict?) (write-sequence distance "{" "," "}" write-key-value (dict->list v))]
-
-      [_ (error 'write-preserve/text "Cannot encode value ~v" v)]))
+      [other
+       (! "#!")
+       (write-value distance (encode-pointer other))]))
 
   (write-value 0 v0))
 
 (define (preserve->string v0
                           #:indent [indent-amount #f]
+                          #:encode-pointer [encode-pointer #f]
                           #:write-annotations? [write-annotations? #t])
   (with-output-to-string
     (lambda () (write-preserve/text v0
                                     #:indent indent-amount
+                                    #:encode-pointer encode-pointer
                                     #:write-annotations? write-annotations?))))
diff --git a/implementations/rust/src/error.rs b/implementations/rust/src/error.rs
index 54ac674..721dc37 100644
--- a/implementations/rust/src/error.rs
+++ b/implementations/rust/src/error.rs
@@ -41,6 +41,8 @@ pub enum ExpectedKind {
     Set,
     Dictionary,
 
+    Pointer,
+
     SequenceOrSet, // Because of hacking up serde's data model: see open_sequence_or_set etc.
 
     Option,
diff --git a/implementations/rust/src/value/mod.rs b/implementations/rust/src/value/mod.rs
index 97469a6..2ad25fa 100644
--- a/implementations/rust/src/value/mod.rs
+++ b/implementations/rust/src/value/mod.rs
@@ -21,7 +21,6 @@ pub use value::Domain;
 pub use value::IOValue;
 pub use value::Map;
 pub use value::NestedValue;
-pub use value::NullDomain;
 pub use value::PlainValue;
 pub use value::RcValue;
 pub use value::Set;
diff --git a/implementations/rust/src/value/packed/constants.rs b/implementations/rust/src/value/packed/constants.rs
index 2b20132..ea93806 100644
--- a/implementations/rust/src/value/packed/constants.rs
+++ b/implementations/rust/src/value/packed/constants.rs
@@ -8,6 +8,7 @@ pub enum Tag {
     Double,
     End,
     Annotation,
+    Pointer,
     SmallInteger(i8),
     MediumInteger(u8),
     SignedInteger,
@@ -46,6 +47,7 @@ impl TryFrom<u8> for Tag {
             0x83 => Ok(Self::Double),
             0x84 => Ok(Self::End),
             0x85 => Ok(Self::Annotation),
+            0x86 => Ok(Self::Pointer),
             0x90..=0x9c => Ok(Self::SmallInteger((v - 0x90) as i8)),
             0x9d..=0x9f => Ok(Self::SmallInteger((v - 0x90) as i8 - 16)),
             0xa0..=0xaf => Ok(Self::MediumInteger(v - 0xa0 + 1)),
@@ -71,6 +73,7 @@ impl From<Tag> for u8 {
             Tag::Double => 0x83,
             Tag::End => 0x84,
             Tag::Annotation => 0x85,
+            Tag::Pointer => 0x86,
             Tag::SmallInteger(v) => if v < 0 { (v + 16) as u8 + 0x90 } else { v as u8 + 0x90 },
             Tag::MediumInteger(count) => count - 1 + 0xa0,
             Tag::SignedInteger => 0xb0,
diff --git a/implementations/rust/src/value/packed/reader.rs b/implementations/rust/src/value/packed/reader.rs
index a71d15b..e838381 100644
--- a/implementations/rust/src/value/packed/reader.rs
+++ b/implementations/rust/src/value/packed/reader.rs
@@ -5,7 +5,7 @@ use std::convert::TryFrom;
 use std::convert::TryInto;
 use std::marker::PhantomData;
 use super::super::signed_integer::SignedInteger;
-use super::super::value::{Value, NestedValue, IOValue, FALSE, TRUE, Map, Set, Record, Annotations};
+use super::super::value::{Value, NestedValue, Domain, IOValue, FALSE, TRUE, Map, Set, Record, Annotations};
 
 use super::constants::Tag;
 use super::super::reader::{
@@ -262,6 +262,10 @@ impl<'de, S: BinarySource<'de>> Reader<'de> for PackedReader<'de, S> {
                     self.demand_next(read_annotations)?
                 }
             }
+            Tag::Pointer => {
+                let v = self.demand_next(read_annotations)?;
+                Value::Domain(IOValue::from_preserves(v)?).wrap()
+            }
             Tag::SmallInteger(v) => {
                 // TODO: prebuild these in value.rs
                 Value::from(v).wrap()
@@ -358,6 +362,14 @@ impl<'de, S: BinarySource<'de>> Reader<'de> for PackedReader<'de, S> {
         Ok(self.peekend()?)
     }
 
+    fn open_pointer(&mut self) -> ReaderResult<()> {
+        self.next_compound(Tag::Pointer, ExpectedKind::Pointer)
+    }
+
+    fn close_pointer(&mut self) -> ReaderResult<()> {
+        Ok(())
+    }
+
     fn next_boolean(&mut self) -> ReaderResult<bool> {
         match self.peek_next_nonannotation_tag()? {
             Tag::False => { self.skip()?; Ok(false) }
diff --git a/implementations/rust/src/value/packed/writer.rs b/implementations/rust/src/value/packed/writer.rs
index ba29736..9850571 100644
--- a/implementations/rust/src/value/packed/writer.rs
+++ b/implementations/rust/src/value/packed/writer.rs
@@ -215,6 +215,7 @@ impl Writer for BinaryOrderWriter {
     type AnnWriter = PackedWriter<Vec<u8>>;
     type SeqWriter = PackedWriter<Vec<u8>>;
     type SetWriter = BinaryOrderWriter;
+    type PointerWriter = PackedWriter<Vec<u8>>;
 
     binary_order_writer_method!(mut align(natural_chunksize: u64) -> Result<()>);
 
@@ -271,6 +272,15 @@ impl Writer for BinaryOrderWriter {
     fn end_set(&mut self, set: Self::SetWriter) -> Result<()> {
         set.finish(self)
     }
+
+    fn start_pointer(&mut self) -> Result<Self::PointerWriter> {
+        self.write_tag(Tag::Pointer)?;
+        Ok(self.pop())
+    }
+    fn end_pointer(&mut self, ptr: Self::PointerWriter) -> Result<()> {
+        self.push(ptr);
+        Ok(())
+    }
 }
 
 macro_rules! fits_in_bytes {
@@ -285,6 +295,7 @@ impl<W: std::io::Write> Writer for PackedWriter<W>
     type AnnWriter = Self;
     type SeqWriter = Self;
     type SetWriter = BinaryOrderWriter;
+    type PointerWriter = Self;
 
     fn start_annotations(&mut self) -> Result<Self::AnnWriter> {
         Ok(self.suspend())
@@ -478,4 +489,14 @@ impl<W: std::io::Write> Writer for PackedWriter<W>
     fn end_set(&mut self, set: Self::SetWriter) -> Result<()> {
         set.finish(self)
     }
+
+    fn start_pointer(&mut self) -> Result<Self::PointerWriter> {
+        self.write_tag(Tag::Pointer)?;
+        Ok(self.suspend())
+    }
+
+    fn end_pointer(&mut self, ann: Self::PointerWriter) -> Result<()> {
+        self.resume(ann);
+        Ok(())
+    }
 }
diff --git a/implementations/rust/src/value/reader.rs b/implementations/rust/src/value/reader.rs
index a314002..ebc1891 100644
--- a/implementations/rust/src/value/reader.rs
+++ b/implementations/rust/src/value/reader.rs
@@ -15,6 +15,8 @@ pub trait Reader<'de> {
     fn open_set(&mut self) -> ReaderResult<()>;
     fn open_dictionary(&mut self) -> ReaderResult<()>;
     fn close_compound(&mut self) -> ReaderResult<bool>;
+    fn open_pointer(&mut self) -> ReaderResult<()>;
+    fn close_pointer(&mut self) -> ReaderResult<()>;
 
     //---------------------------------------------------------------------------
 
@@ -142,6 +144,14 @@ impl<'r, 'de, R: Reader<'de>> Reader<'de> for &'r mut R {
     fn close_compound(&mut self) -> ReaderResult<bool> {
         (*self).close_compound()
     }
+
+    fn open_pointer(&mut self) -> ReaderResult<()> {
+        (*self).open_pointer()
+    }
+
+    fn close_pointer(&mut self) -> ReaderResult<()> {
+        (*self).close_pointer()
+    }
 }
 
 
diff --git a/implementations/rust/src/value/value.rs b/implementations/rust/src/value/value.rs
index a10f45e..32213e0 100644
--- a/implementations/rust/src/value/value.rs
+++ b/implementations/rust/src/value/value.rs
@@ -19,6 +19,12 @@ use super::signed_integer::SignedInteger;
 use crate::error::{Error, ExpectedKind, Received};
 
 pub trait Domain: Sized + Debug + Clone + Eq + Hash + Ord {
+    fn from_preserves(v: IOValue) -> Result<Self, std::io::Error> {
+        Err(std::io::Error::new(std::io::ErrorKind::InvalidData,
+                                format!("Cannot Preserves-decode domain-specific value {:?}",
+                                        v)))
+    }
+
     fn as_preserves(&self) -> Result<IOValue, std::io::Error> {
         Err(std::io::Error::new(std::io::ErrorKind::InvalidData,
                                 format!("Cannot Preserves-encode domain-specific value {:?}",
@@ -270,7 +276,7 @@ impl<N: NestedValue<D>, D: Domain> Debug for Value<N, D> {
                 f.debug_set().entries(v.iter()).finish()
             }
             Value::Dictionary(ref v) => f.debug_map().entries(v.iter()).finish(),
-            Value::Domain(ref d) => write!(f, "{:?}", d),
+            Value::Domain(ref d) => write!(f, "#!{:?}", d),
         }
     }
 }
@@ -1044,13 +1050,19 @@ impl<'de, Dom: Domain> serde::Deserialize<'de> for ArcValue<Dom> {
 
 //---------------------------------------------------------------------------
 
-#[derive(Debug, Clone, PartialEq, Eq, Hash, PartialOrd, Ord)]
-pub enum NullDomain {}
-impl Domain for NullDomain {}
-
 #[derive(Clone, PartialEq, Eq, Hash, PartialOrd, Ord)]
-pub struct IOValue(Arc<AnnotatedValue<IOValue, NullDomain>>);
-pub type UnwrappedIOValue = Value<IOValue, NullDomain>;
+pub struct IOValue(Arc<AnnotatedValue<IOValue, IOValue>>);
+pub type UnwrappedIOValue = Value<IOValue, IOValue>;
+
+impl Domain for IOValue {
+    fn from_preserves(v: IOValue) -> Result<Self, std::io::Error> {
+        Ok(v)
+    }
+
+    fn as_preserves(&self) -> Result<IOValue, std::io::Error> {
+        Ok(self.clone())
+    }
+}
 
 lazy_static! {
     pub static ref FALSE: IOValue = IOValue(Arc::new(AnnotatedValue(Annotations::empty(), Value::Boolean(false))));
@@ -1058,27 +1070,27 @@ lazy_static! {
     pub static ref EMPTY_SEQ: IOValue = IOValue(Arc::new(AnnotatedValue(Annotations::empty(), Value::Sequence(Vec::new()))));
 }
 
-impl NestedValue<NullDomain> for IOValue {
-    fn wrap(anns: Annotations<Self, NullDomain>, v: Value<Self, NullDomain>) -> Self {
+impl NestedValue<IOValue> for IOValue {
+    fn wrap(anns: Annotations<Self, IOValue>, v: Value<Self, IOValue>) -> Self {
         IOValue(Arc::new(AnnotatedValue::new(anns, v)))
     }
 
-    fn annotations(&self) -> &Annotations<Self, NullDomain> {
+    fn annotations(&self) -> &Annotations<Self, IOValue> {
         &(self.0).0
     }
 
-    fn value(&self) -> &Value<Self, NullDomain> {
+    fn value(&self) -> &Value<Self, IOValue> {
         &(self.0).1
     }
 
-    fn pieces(self) -> (Annotations<Self, NullDomain>, Value<Self, NullDomain>) {
+    fn pieces(self) -> (Annotations<Self, IOValue>, Value<Self, IOValue>) {
         match Arc::try_unwrap(self.0) {
             Ok(AnnotatedValue(anns, v)) => (anns, v),
             Err(r) => (r.0.clone(), r.1.clone()),
         }
     }
 
-    fn value_owned(self) -> Value<Self, NullDomain> {
+    fn value_owned(self) -> Value<Self, IOValue> {
         match Arc::try_unwrap(self.0) {
             Ok(AnnotatedValue(_anns, v)) => v,
             Err(r) => r.1.clone(),
diff --git a/implementations/rust/src/value/writer.rs b/implementations/rust/src/value/writer.rs
index 7acf5b0..f74dd43 100644
--- a/implementations/rust/src/value/writer.rs
+++ b/implementations/rust/src/value/writer.rs
@@ -20,6 +20,7 @@ pub trait Writer: Sized {
     type AnnWriter: AnnotationWriter;
     type SeqWriter: CompoundWriter;
     type SetWriter: CompoundWriter;
+    type PointerWriter: Writer;
 
     fn align(&mut self, natural_chunksize: u64) -> Result<()>;
 
@@ -55,6 +56,9 @@ pub trait Writer: Sized {
     fn start_dictionary(&mut self, entry_count: Option<usize>) -> Result<Self::SetWriter>;
     fn end_set(&mut self, set: Self::SetWriter) -> Result<()>;
 
+    fn start_pointer(&mut self) -> Result<Self::PointerWriter>;
+    fn end_pointer(&mut self, ptr: Self::PointerWriter) -> Result<()>;
+
     //---------------------------------------------------------------------------
 
     fn write(&mut self, v: &IOValue) -> Result<()> {
@@ -129,7 +133,11 @@ pub trait Writer: Sized {
                 }
                 self.end_set(c)
             }
-            Value::Domain(ref d) => self.write(&d.as_preserves()?)
+            Value::Domain(ref d) => {
+                let mut c = self.start_pointer()?;
+                c.write(&d.as_preserves()?)?;
+                self.end_pointer(c)
+            }
         }
     }
 }
diff --git a/preserves.md b/preserves.md
index feec74d..dca86c6 100644
--- a/preserves.md
+++ b/preserves.md
@@ -4,7 +4,7 @@ title: "Preserves: an Expressive Data Language"
 ---
 
 Tony Garnock-Jones <tonyg@leastfixedpoint.com>  
-Jan 2021. Version 0.4.0.
+Jan 2021. Version 0.5.0.
 
   [sexp.txt]: http://people.csail.mit.edu/rivest/Sexp.txt
   [spki]: http://world.std.com/~cme/html/spki.html
@@ -17,21 +17,17 @@ Jan 2021. Version 0.4.0.
 This document proposes a data model and serialization format called
 *Preserves*.
 
-Preserves supports *records* with user-defined *labels*. This relieves
-the confusion caused by encoding records as dictionaries, seen in most
-data languages in use on the web. It also allows Preserves to easily
-represent the *labelled sums of products* as seen in many functional
-programming languages.
-
-Preserves also supports the usual suite of atomic and compound data
-types, in particular including *binary* data as a distinct type from
-text strings. Its *annotations* allow separation of data from metadata
-such as [comments](conventions.html#comments), trace information, and
+Preserves supports *records* with user-defined *labels*, embedded
+*references*, and the usual suite of atomic and compound data types,
+including *binary* data as a distinct type from text strings. Its
+*annotations* allow separation of data from metadata such as
+[comments](conventions.html#comments), trace information, and
 provenance information.
 
-Finally, Preserves defines precisely how to *compare* two values.
-Comparison is based on the data model, not on syntax or on data
-structures of any particular implementation language.
+Preserves departs from many other data languages in defining how to
+*compare* two values. Comparison is based on the data model, not on
+syntax or on data structures of any particular implementation
+language.
 
 ## Starting with Semantics
 
@@ -40,23 +36,25 @@ definition of the *values* that we want to work with and give them
 meaning independent of their syntax.
 
 Our `Value`s fall into two broad categories: *atomic* and *compound*
-data. Every `Value` is finite and non-cyclic.
+data. Every `Value` is finite and non-cyclic. References, called
+`Pointer`s, are a third, special-case category.
 
                           Value = Atom
-                                                | Compound
+                                | Compound
+                                | Pointer
 
                            Atom = Boolean
-                                                | Float
-                                                | Double
-                                                | SignedInteger
-                                                | String
-                                                | ByteString
-                                                | Symbol
+                                | Float
+                                | Double
+                                | SignedInteger
+                                | String
+                                | ByteString
+                                | Symbol
 
                        Compound = Record
-                                                | Sequence
-                                                | Set
-                                                | Dictionary
+                                | Sequence
+                                | Set
+                                | Dictionary
 
 **Total order.**<a name="total-order"></a> As we go, we will
 incrementally specify a total order over `Value`s. Two values of the
@@ -65,7 +63,7 @@ values of different kinds is essentially arbitrary, but having a total
 order is convenient for many tasks, so we define it as
 follows:
 
-            (Values)        Atom < Compound
+            (Values)        Atom < Compound < Pointer
 
             (Compounds)     Record < Sequence < Set < Dictionary
 
@@ -162,6 +160,45 @@ pairwise distinct. Instances of `Dictionary` are compared by
 lexicographic comparison of the sequences resulting from ordering each
 `Dictionary`'s pairs in ascending order by key.
 
+### Pointers.
+
+A `Pointer` embeds *domain-specific*, potentially *stateful* or
+*located* data into a `Value`.[^pointer-rationale] `Pointer`s may be
+used to denote stateful objects, network services, object
+capabilities, file descriptors, Unix processes, or other
+possibly-stateful things. Because each `Pointer` is a domain-specific
+datum, comparison of two `Pointer`s is done according to
+domain-specific rules.
+
+  [^pointer-rationale]: **Rationale.** Why include `Pointer`s as a
+    special class, distinct from, say, a specially-labeled `Record`?
+    First, a `Record` can only hold other `Value`s: in order to embed
+    values such as live pointers to Java objects, some means of
+    "escaping" from the `Value` data type must be provided. Second,
+    `Pointer`s are meant to be able to denote stateful entities, for
+    which comparison by address is appropriate; however, we do not
+    wish to place restrictions on the *nature* of these entities: if
+    we had used `Record`s instead of distinct `Pointer`s, users would
+    have to invent an encoding of domain data into `Record`s that
+    reflected domain ordering into `Value` ordering. This is often
+    difficult and may not always be possible. Finally, because
+    `Pointer`s are intended to be able to represent network and memory
+    *locations*, they must be able to be rewritten at network and
+    process boundaries. Having a distinct class allows generic
+    `Pointer` rewriting without the quotation-related complications of
+    encoding references as, say, `Record`s.
+
+*Examples.* In a Java or Python implementation, a `Pointer` may denote
+a reference to a Java or Python object; comparison would be done via
+the language's own rules for equivalence and ordering. In a Unix
+application, a `Pointer` may denote an open file descriptor or a
+process ID. In an HTTP-based application, each `Pointer` might be a
+URL, compared according to
+[RFC 6943](https://tools.ietf.org/html/rfc6943#section-3.3). When a
+`Value` is serialized for storage or transfer, embedded `Pointer`s
+will usually be represented as ordinary `Value`s, in which case the
+ordinary rules for comparing `Value`s will apply.
+
 ## Textual Syntax
 
 Now we have discussed `Value`s and their meanings, we may turn to
@@ -204,7 +241,7 @@ Standalone documents may have trailing whitespace.
 
 Any `Value` may be preceded by whitespace.
 
-             Value = ws (Record / Collection / Atom / Compact)
+             Value = ws (Record / Collection / Atom / Pointer / Compact)
         Collection = Sequence / Dictionary / Set
               Atom = Boolean / Float / Double / SignedInteger /
                      String / ByteString / Symbol
@@ -364,6 +401,11 @@ double quote mark.
     definition of “token representation”, and with the
     [R6RS definition of identifiers](http://www.r6rs.org/final/html/r6rs/r6rs-Z-H-7.html#node_sec_4.2.4).
 
+A `Pointer` is written as a `Value` chosen to represent the denoted
+object, prefixed with `#!`.
+
+           Pointer = "#!" Value
+
 Finally, any `Value` may be represented by escaping from the textual
 syntax to the [compact binary syntax](#compact-binary-syntax) by
 prefixing a `ByteString` containing the binary representation of the
@@ -467,11 +509,11 @@ write `varint(m)` for the varint-encoding of `m`. Quoting the
 
 The following table illustrates varint-encoding.
 
-| Number, `m`                                   | `m` in binary, grouped into 7-bit chunks  | `varint(m)` bytes |
-| ------                                        | -------------------                       | ------------      |
-| 15                                            | `0001111`                                 | 15                |
-| 300                                           | `0000010 0101100`                         | 172 2             |
-| 1000000000                                    | `0000011 1011100 1101011 0010100 0000000` | 128 148 235 220 3 |
+| Number, `m` | `m` in binary, grouped into 7-bit chunks  | `varint(m)` bytes |
+| ------      | -------------------                       | ------------      |
+| 15          | `0001111`                                 | 15                |
+| 300         | `0000010 0101100`                         | 172 2             |
+| 1000000000  | `0000011 1011100 1101011 0010100 0000000` | 128 148 235 220 3 |
 
 It is an error for a varint-encoded `m` in a `Repr` to be anything
 other than the unique shortest encoding for that `m`. That is, a
@@ -579,6 +621,13 @@ contained within the `Value` unmodified.
 The functions `binary32(F)` and `binary64(D)` yield big-endian 4- and
 8-byte IEEE 754 binary representations of `F` and `D`, respectively.
 
+### Pointers.
+
+The `Repr` of a `Pointer` is the `Repr` of a `Value` chosen to
+represent the denoted object, prefixed with `[0x86]`.
+
+    «#!V» = [0x86] ++ «V»
+
 ### Annotations.
 
 To annotate a `Repr` `r` with some `Value` `v`, prepend `r` with
@@ -596,8 +645,8 @@ syntax `@a@b[]`, i.e. an empty sequence annotated with two symbols,
 
 The total ordering specified [above](#total-order) means that the following statements are true:
 
-    "bzz" < "c" < "caa"
-    #t < 3.0f < 3.0 < 3 < "3" < |3| < []
+    "bzz" < "c" < "caa" < #!"a"
+    #t < 3.0f < 3.0 < 3 < "3" < |3| < [] < #!#t
 
 ### Simple examples.
 
@@ -774,10 +823,6 @@ the same `Value` to yield different binary `Repr`s.
 
 ## Acknowledgements
 
-The use of the low-order bits in certain SignedInteger tags for the
-length of the following data is inspired by a similar feature of
-[CBOR](http://cbor.io/).
-
 The treatment of commas as whitespace in the text syntax is inspired
 by the same feature of [EDN](https://github.com/edn-format/edn).
 
@@ -810,7 +855,8 @@ a binary-syntax document; otherwise, it should be interpreted as text.
      83 - Double
      84 - End marker
      85 - Annotation
-    (8x)  RESERVED 86-8F
+     86 - Pointer
+    (8x)  RESERVED 87-8F
 
      9x - Small integers 0..12,-3..-1
      An - Small integers, (n+1) bytes long
diff --git a/tests/samples.bin b/tests/samples.bin
index 7fadda1..a832fc3 100644
Binary files a/tests/samples.bin and b/tests/samples.bin differ
diff --git a/tests/samples.txt b/tests/samples.txt
index 5a434e1..a7c21c5 100644
--- a/tests/samples.txt
+++ b/tests/samples.txt
@@ -111,6 +111,9 @@
   list9: @"Unexpected close bracket" <ParseError "]">
   list10: @"Missing end byte" <DecodeShort #x"b58080">
   noinput0: @"No input at all" <DecodeEOF #x"">
+  pointer0: <Test #x"8690" #!0>
+  pointer1: <Test #x"868690" #!#!0>
+  pointer2: <Test #x"b5869086b10568656c6c6f84" [#!0 #!"hello"]>
   record1: <Test #x"b4 b30763617074757265 b4 b30764697363617264 84 84" <capture <discard>>>
   record2: <Test #x"b4 b3076f627365727665 b4 b305737065616b b4 b30764697363617264 84 b4 b30763617074757265 b4 b30764697363617264 84 84 84 84" <observe <speak <discard>, <capture <discard>>>>>
   record3: <Test #x"b4 b5 b3067469746c6564 b306706572736f6e 92 b3057468696e67 91 84 a065 b109426c61636b77656c6c b4 b30464617465 a1071d 92 93 84 b1024472 84" <[titled person 2 thing 1] 101 "Blackwell" <date 1821 2 3> "Dr">>