diff --git a/tools/src/main/java/com/google/bitcoin/tools/WalletTool.java b/tools/src/main/java/com/google/bitcoin/tools/WalletTool.java
index 7b72b4d5d..130af465c 100644
--- a/tools/src/main/java/com/google/bitcoin/tools/WalletTool.java
+++ b/tools/src/main/java/com/google/bitcoin/tools/WalletTool.java
@@ -630,12 +630,23 @@ public class WalletTool {
         }
         if (options.has("privkey")) {
             String data = (String) options.valueOf("privkey");
-            byte[] decode = Utils.parseAsHexOrBase58(data);
-            if (decode == null) {
-                System.err.println("Could not understand --privkey as either hex or base58: " + data);
-                return;
+            if (data.charAt(0) == 'L') {
+                DumpedPrivateKey dpk;
+                try {
+                    dpk = new DumpedPrivateKey(params, data);
+                } catch (AddressFormatException e) {
+                    System.err.println("Could not parse dumped private key " + data);
+                    return;
+                }
+                key = dpk.getKey();
+            } else {
+                byte[] decode = Utils.parseAsHexOrBase58(data);
+                if (decode == null) {
+                    System.err.println("Could not understand --privkey as either hex or base58: " + data);
+                    return;
+                }
+                key = new ECKey(new BigInteger(1, decode));
             }
-            key = new ECKey(new BigInteger(1, decode));
             if (options.has("pubkey")) {
                 // Give the user a hint.
                 System.out.println("You don't have to specify --pubkey when a private key is supplied.");