diff --git a/source/__.js b/source/__.js
index acc7df8b3..fd009b18b 100644
--- a/source/__.js
+++ b/source/__.js
@@ -1,4 +1,3 @@
-import _placeholder from './internal/_placeholder.js';
 /**
  * A special placeholder value used to specify "gaps" within curried functions,
  * allowing partial application of any combination of arguments, regardless of
@@ -26,4 +25,5 @@ import _placeholder from './internal/_placeholder.js';
  *      const greet = R.replace('{name}', R.__, 'Hello, {name}!');
  *      greet('Alice'); //=> 'Hello, Alice!'
  */
-export default _placeholder;
+export default {'@@functional/placeholder': true};
+
diff --git a/source/internal/_isPlaceholder.js b/source/internal/_isPlaceholder.js
index 523ae628f..f7fe0007f 100644
--- a/source/internal/_isPlaceholder.js
+++ b/source/internal/_isPlaceholder.js
@@ -1,5 +1,5 @@
-import _placeholder from './_placeholder.js';
-
 export default function _isPlaceholder(a) {
-  return a === _placeholder;
+  return a != null &&
+         typeof a === 'object' &&
+         a['@@functional/placeholder'] === true;
 }
diff --git a/source/internal/_placeholder.js b/source/internal/_placeholder.js
deleted file mode 100644
index ebd777c0c..000000000
--- a/source/internal/_placeholder.js
+++ /dev/null
@@ -1 +0,0 @@
-export default {'@@functional/placeholder': true};