diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
index 42ff8da965..bdef69003b 100644
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -2638,8 +2638,8 @@ std::map<CTxDestination, std::vector<COutput>> CWallet::ListCoins() const
 
     std::vector<COutPoint> lockedCoins;
     ListLockedCoins(lockedCoins);
-    // Include watch-only for wallets without private keys
-    const bool include_watch_only = IsWalletFlagSet(WALLET_FLAG_DISABLE_PRIVATE_KEYS);
+    // Include watch-only for LegacyScriptPubKeyMan wallets without private keys
+    const bool include_watch_only = GetLegacyScriptPubKeyMan() && IsWalletFlagSet(WALLET_FLAG_DISABLE_PRIVATE_KEYS);
     const isminetype is_mine_filter = include_watch_only ? ISMINE_WATCH_ONLY : ISMINE_SPENDABLE;
     for (const COutPoint& output : lockedCoins) {
         auto it = mapWallet.find(output.hash);