diff --git a/src/main/java/rx/exceptions/OnErrorThrowable.java b/src/main/java/rx/exceptions/OnErrorThrowable.java
index 77c255a874..b8c0c3555f 100644
--- a/src/main/java/rx/exceptions/OnErrorThrowable.java
+++ b/src/main/java/rx/exceptions/OnErrorThrowable.java
@@ -15,11 +15,10 @@
  */
 package rx.exceptions;
 
-import java.util.HashSet;
-import java.util.Set;
+import java.io.*;
+import java.util.*;
 
-import rx.plugins.RxJavaErrorHandler;
-import rx.plugins.RxJavaPlugins;
+import rx.plugins.*;
 
 /**
  * Represents a {@code Throwable} that an {@code Observable} might notify its subscribers of, but that then can
@@ -43,7 +42,17 @@ private OnErrorThrowable(Throwable exception) {
     private OnErrorThrowable(Throwable exception, Object value) {
         super(exception);
         hasValue = true;
-        this.value = value;
+        Object v;
+        if (value instanceof Serializable) {
+            v = value;
+        } else {
+            try {
+                v = String.valueOf(value);
+            } catch (Throwable ex) {
+                v = ex.getMessage();
+            }
+        }
+        this.value = v;
     }
 
     /**
@@ -150,7 +159,17 @@ private static Set<Class<?>> create() {
          */
         public OnNextValue(Object value) {
             super("OnError while emitting onNext value: " + renderValue(value));
-            this.value = value;
+            Object v;
+            if (value instanceof Serializable) {
+                v = value;
+            } else {
+                try {
+                    v = String.valueOf(value);
+                } catch (Throwable ex) {
+                    v = ex.getMessage();
+                }
+            }
+            this.value = v;
         }
 
         /**
@@ -177,7 +196,7 @@ public Object getValue() {
          * @return a string version of the object if primitive or managed through error plugin,
          *        otherwise the class name of the object
          */
-        static String renderValue(Object value){
+        static String renderValue(Object value) {
             if (value == null) {
                 return "null";
             }
diff --git a/src/test/java/rx/exceptions/OnNextValueTest.java b/src/test/java/rx/exceptions/OnNextValueTest.java
index 2e36c5bafd..31a37692f8 100644
--- a/src/test/java/rx/exceptions/OnNextValueTest.java
+++ b/src/test/java/rx/exceptions/OnNextValueTest.java
@@ -15,20 +15,16 @@
  */
 package rx.exceptions;
 
+import static org.junit.Assert.*;
+
+import java.io.*;
+
 import org.junit.Test;
 
-import rx.Observable;
-import rx.Observer;
+import rx.*;
 import rx.exceptions.OnErrorThrowable.OnNextValue;
 import rx.functions.Func1;
 
-import java.io.PrintWriter;
-import java.io.StringWriter;
-
-import static org.junit.Assert.assertEquals;
-import static org.junit.Assert.assertTrue;
-import static org.junit.Assert.fail;
-
 /**
  * ```java
  * public OnNextValue(Object value) {
@@ -166,4 +162,32 @@ public void testRenderDouble() {
     public void testRenderVoid() {
         assertEquals("null", OnNextValue.renderValue((Void) null));
     }
+
+    static class Value {
+        @Override
+        public String toString() {
+            return "Value";
+        }
+    }
+
+    @Test
+    public void nonSerializableValue() throws Exception {
+        Throwable e = OnErrorThrowable.addValueAsLastCause(new RuntimeException(), new Value());
+
+        ByteArrayOutputStream bout = new ByteArrayOutputStream();
+        ObjectOutputStream oos = new ObjectOutputStream(bout);
+        oos.writeObject(e);
+        oos.close();
+
+        ByteArrayInputStream bin = new ByteArrayInputStream(bout.toByteArray());
+        ObjectInputStream ois = new ObjectInputStream(bin);
+
+        Throwable f = (Throwable)ois.readObject();
+
+        ois.close();
+
+        Object v = ((OnNextValue)f.getCause()).getValue();
+
+        assertEquals("Value", v);
+    }
 }