diff --git a/src/oold/model/_compat.py b/src/oold/model/_compat.py
index fb38247..4d1a3c9 100644
--- a/src/oold/model/_compat.py
+++ b/src/oold/model/_compat.py
@@ -246,11 +246,18 @@ def _raw_dict(self) -> dict[str, Any]:
         return d
 
     def to_json(self, exclude_defaults: bool = False) -> dict[str, Any]:
+        from oold.model._descriptor import _matches_link_default
+
         result = json.loads(self.model_dump_json(exclude_none=True, exclude_defaults=exclude_defaults))
         for name in type(self).__link_fields__:
             iri = self.get_iri_ref(name)
-            if iri is not None and not result.get(name):
-                result[name] = iri
+            if iri is None or result.get(name):
+                continue
+            # This loop re-adds what the dump left out, so it also has to
+            # respect the one exclusion the dump applied to links.
+            if exclude_defaults and _matches_link_default(type(self), name, iri):
+                continue
+            result[name] = iri
         return result
 
     @classmethod
diff --git a/src/oold/model/_descriptor.py b/src/oold/model/_descriptor.py
index 3b60816..ca6f4ee 100644
--- a/src/oold/model/_descriptor.py
+++ b/src/oold/model/_descriptor.py
@@ -1143,6 +1143,24 @@ def _excluded(info: Any, name: str) -> bool:
     return bool(exclude) and name in exclude
 
 
+def _matches_link_default(cls: type, name: str, iris: Any) -> bool:
+    """Whether a link still holds exactly the IRI(s) its field declares.
+
+    A link value never reaches the field pydantic validates, so that field sits
+    at ``None`` and pydantic's own ``exclude_defaults`` comparison always answers
+    "not a default". The declared IRI lives in ``__link_defaults__`` instead, and
+    is what a stored value has to be compared against.
+
+    Both sides are read as lists: a to-one default seeded into a to-many link is
+    stored as a one-element list, so the shapes differ while the value does not.
+    """
+    declared = getattr(cls, "__link_defaults__", {}).get(name)
+    if declared is None:
+        return False
+    stored = iris if isinstance(iris, list) else [iris]
+    return stored == (declared if isinstance(declared, list) else [declared])
+
+
 def _alias_strings(alias: Any) -> list[str]:
     """Every name an alias can be given under.
 
@@ -1469,6 +1487,11 @@ def _serialize_links(self, handler: Any, info: SerializationInfo) -> dict[str, A
             iris = descr.iris(self)
             if iris:
                 d.pop(name, None)
+                # A link left at the IRI its field declares is a default like
+                # any other. handler() cannot apply exclude_defaults to it,
+                # because the field it compares was emptied by the binding.
+                if getattr(info, "exclude_defaults", False) and _matches_link_default(type(self), name, iris):
+                    continue
                 d[name_out] = iris
                 continue
             stored = self._links.get(name)
diff --git a/src/oold/model/v1/_descriptor.py b/src/oold/model/v1/_descriptor.py
index ad19092..04c0130 100644
--- a/src/oold/model/v1/_descriptor.py
+++ b/src/oold/model/v1/_descriptor.py
@@ -33,6 +33,7 @@
     _AutoLink,
     _Constructing,
     _default_iris,
+    _matches_link_default,
 )
 
 _MANY_SHAPES = {SHAPE_LIST, SHAPE_SET, SHAPE_TUPLE}
@@ -324,6 +325,11 @@ def get_cls_iri(cls) -> Any:
     def dict(self, **kwargs: Any) -> dict[str, Any]:
         """v1 serialisation; link fields collapse to their IRIs."""
         exclude_none = kwargs.pop("exclude_none", False)
+        exclude_defaults = bool(kwargs.get("exclude_defaults"))
+        exclude = kwargs.get("exclude") or ()
+        # The link keys are written back after super().dict() has applied the
+        # exclusions, so each has to be filtered again here or it reappears.
+        skip_unset = bool(exclude_none or exclude_defaults or kwargs.get("exclude_unset"))
         links = type(self).__link_fields__
         # Reading a link caches the resolved value in __dict__, which pydantic v1
         # serialises - so whether a link had been read changed the output. Drop
@@ -335,9 +341,12 @@ def dict(self, **kwargs: Any) -> dict[str, Any]:
             self.__dict__.update(cached)
         for name, descr in links.items():
             iris = descr.iris(self)
+            d.pop(name, None)
             if iris:
+                if exclude_defaults and _matches_link_default(type(self), name, iris):
+                    continue
                 d[name] = iris
-            else:
+            elif not (skip_unset or name in exclude):
                 d[name] = None
         if exclude_none:
             d = {k: v for k, v in d.items() if v is not None}
diff --git a/tests/test_serialization.py b/tests/test_serialization.py
index 2d62abf..c2ef4bc 100644
--- a/tests/test_serialization.py
+++ b/tests/test_serialization.py
@@ -79,3 +79,80 @@ class Foo(LinkedBaseModel):
     obj = Foo(value=1.0)
     result = obj.to_json()
     assert "label" not in result
+
+
+def _model_with_a_link_default(pydantic_version, tag):
+    """A model whose link declares a default IRI, spelled as each version does.
+
+    Imports the descriptor bindings directly rather than through
+    ``oold.model``: the legacy bindings do not record a link's declared default
+    at all, so what is asserted here would depend on OOLD_DESCRIPTOR_BINDING.
+    """
+    if pydantic_version == "v2":
+        from oold.model._descriptor import Link, LinkedBaseModel, OoldField
+
+        class Org(LinkedBaseModel):
+            id: str
+            type: str | None = f"ex:{tag}Org"
+
+        class Person(LinkedBaseModel):
+            id: str
+            type: str | None = f"ex:{tag}Person"
+            employer: Link[Org | None] = OoldField(default="ex:default-org")
+            mentor: Link[Org | None] = OoldField()
+
+        return Person
+
+    from pydantic.v1 import Field
+
+    from oold.model.v1._descriptor import LinkedBaseModel
+
+    class Org(LinkedBaseModel):
+        id: str
+        type: str | None = f"ex:{tag}Org"
+
+    class Person(LinkedBaseModel):
+        id: str
+        type: str | None = f"ex:{tag}Person"
+        employer: Org | None = Field("ex:default-org", range="Org")
+        mentor: Org | None = Field(None, range="Org")
+
+    return Person
+
+
+@pytest.mark.parametrize("pydantic_version", ["v1", "v2"])
+def test_exclude_defaults_omits_a_link_left_at_its_declared_default(pydantic_version):
+    """A link is declared with a default IRI, so a value equal to it is a default.
+
+    The binding routes link values out of the payload pydantic validates, so the
+    field always sits at None there and pydantic's own comparison cannot see
+    this. The declared IRI is kept in ``__link_defaults__`` and compared against.
+    """
+    Person = _model_with_a_link_default(pydantic_version, "D")
+
+    result = Person(id="ex:p").to_json(exclude_defaults=True)
+
+    assert "employer" not in result, result
+    assert result["id"] == "ex:p"
+
+
+@pytest.mark.parametrize("pydantic_version", ["v1", "v2"])
+def test_exclude_defaults_keeps_a_link_set_to_another_iri(pydantic_version):
+    Person = _model_with_a_link_default(pydantic_version, "K")
+
+    result = Person(id="ex:p", employer="ex:acme").to_json(exclude_defaults=True)
+
+    assert result["employer"] == "ex:acme", result
+
+
+@pytest.mark.parametrize("pydantic_version", ["v1", "v2"])
+def test_exclude_defaults_omits_a_link_that_was_never_set(pydantic_version):
+    """An unset link is at its default, and the key is re-added after the
+    handler has applied the exclusions - so it has to be skipped there too."""
+    Person = _model_with_a_link_default(pydantic_version, "U")
+    person = Person(id="ex:p")
+    dump = person.model_dump if pydantic_version == "v2" else person.dict
+
+    result = dump(exclude_defaults=True)
+
+    assert "mentor" not in result, result