diff --git a/src/propsheet/PropSheetHandler.cpp b/src/propsheet/PropSheetHandler.cpp
index d4b93c886..c6f2c5e41 100644
--- a/src/propsheet/PropSheetHandler.cpp
+++ b/src/propsheet/PropSheetHandler.cpp
@@ -94,6 +94,12 @@ private:
     {
         g_fHostedInFileProperties = TRUE;
         gpStateInfo = &g_csi;
+
+        // Initialize the fIsV2Console with whatever the current v2 seeting is
+        // in the registry. Usually this is set by conhost, but in this path,
+        // we're being launched straight from explorer. See GH#2319, GH#2651
+        gpStateInfo->fIsV2Console = GetConsoleBoolValue(CONSOLE_REGISTRY_FORCEV2, TRUE);
+
         InitRegistryValues(gpStateInfo);
         gpStateInfo->Defaults = TRUE;
         GetRegistryValues(gpStateInfo);
diff --git a/src/propsheet/console.cpp b/src/propsheet/console.cpp
index cf3683dc8..6a4048751 100644
--- a/src/propsheet/console.cpp
+++ b/src/propsheet/console.cpp
@@ -97,7 +97,10 @@ void SaveConsoleSettingsIfNeeded(const HWND hwnd)
         if (gpStateInfo->LinkTitle != NULL)
         {
             SetGlobalRegistryValues();
-            if (!NT_SUCCESS(ShortcutSerialization::s_SetLinkValues(gpStateInfo, g_fEastAsianSystem, g_fForceV2)))
+            if (!NT_SUCCESS(ShortcutSerialization::s_SetLinkValues(gpStateInfo,
+                                                                   g_fEastAsianSystem,
+                                                                   g_fForceV2,
+                                                                   gpStateInfo->fIsV2Console)))
             {
                 WCHAR szMessage[MAX_PATH + 100];
                 WCHAR awchBuffer[MAX_PATH] = { 0 };
diff --git a/src/propsheet/console.h b/src/propsheet/console.h
index 8094ce31d..7a98f78c2 100644
--- a/src/propsheet/console.h
+++ b/src/propsheet/console.h
@@ -225,3 +225,5 @@ const unsigned int TERMINAL_PAGE_INDEX = 4;
 // number of property sheet pages
 static const int V1_NUMBER_OF_PAGES = 4;
 static const int NUMBER_OF_PAGES = 5;
+
+BOOL GetConsoleBoolValue(__in PCWSTR pszValueName, __in BOOL fDefault);
diff --git a/src/propsheet/globals.cpp b/src/propsheet/globals.cpp
index b7c59171c..01de6df00 100644
--- a/src/propsheet/globals.cpp
+++ b/src/propsheet/globals.cpp
@@ -9,6 +9,9 @@ LONG gcxScreen;
 LONG gcyScreen;
 
 BOOL g_fForceV2;
+// If we didn't launch as a v2 console window, we don't want to persist v2
+// settings when we close, as they'll get zero'd. Use this to track the initial
+// launch state.
 BOOL g_fEditKeys;
 BYTE g_bPreviewOpacity = 0x00; //sentinel value for initial test on dialog entry. Once initialized, won't be less than TRANSPARENCY_RANGE_MIN
 
diff --git a/src/propsheet/registry.cpp b/src/propsheet/registry.cpp
index 2914ae099..5c7a501d1 100644
--- a/src/propsheet/registry.cpp
+++ b/src/propsheet/registry.cpp
@@ -946,52 +946,59 @@ VOID SetRegistryValues(
 
     SetGlobalRegistryValues();
 
-    // Save cursor type and color
-    dwValue = pStateInfo->CursorType;
-    LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
-                                                       hTitleKey,
-                                                       CONSOLE_REGISTRY_CURSORTYPE,
-                                                       REG_DWORD,
-                                                       (BYTE*)&dwValue,
-                                                       sizeof(dwValue)));
+    // Only save the "Terminal" settings if we launched as a v2 propsheet. The
+    // v1 console doesn't know anything about these settings, and their value
+    // will be incorrectly zero'd if we save in this state.
+    // See microsoft/terminal#2319 for more details.
+    if (gpStateInfo->fIsV2Console)
+    {
+        // Save cursor type and color
+        dwValue = pStateInfo->CursorType;
+        LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
+                                                           hTitleKey,
+                                                           CONSOLE_REGISTRY_CURSORTYPE,
+                                                           REG_DWORD,
+                                                           (BYTE*)&dwValue,
+                                                           sizeof(dwValue)));
 
-    dwValue = pStateInfo->CursorColor;
-    LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
-                                                       hTitleKey,
-                                                       CONSOLE_REGISTRY_CURSORCOLOR,
-                                                       REG_DWORD,
-                                                       (BYTE*)&dwValue,
-                                                       sizeof(dwValue)));
+        dwValue = pStateInfo->CursorColor;
+        LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
+                                                           hTitleKey,
+                                                           CONSOLE_REGISTRY_CURSORCOLOR,
+                                                           REG_DWORD,
+                                                           (BYTE*)&dwValue,
+                                                           sizeof(dwValue)));
 
-    dwValue = pStateInfo->InterceptCopyPaste;
-    LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
-                                                       hTitleKey,
-                                                       CONSOLE_REGISTRY_INTERCEPTCOPYPASTE,
-                                                       REG_DWORD,
-                                                       (BYTE*)&dwValue,
-                                                       sizeof(dwValue)));
+        dwValue = pStateInfo->InterceptCopyPaste;
+        LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
+                                                           hTitleKey,
+                                                           CONSOLE_REGISTRY_INTERCEPTCOPYPASTE,
+                                                           REG_DWORD,
+                                                           (BYTE*)&dwValue,
+                                                           sizeof(dwValue)));
 
-    dwValue = pStateInfo->TerminalScrolling;
-    LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
-                                                       hTitleKey,
-                                                       CONSOLE_REGISTRY_TERMINALSCROLLING,
-                                                       REG_DWORD,
-                                                       (BYTE*)&dwValue,
-                                                       sizeof(dwValue)));
-    dwValue = pStateInfo->DefaultForeground;
-    LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
-                                                       hTitleKey,
-                                                       CONSOLE_REGISTRY_DEFAULTFOREGROUND,
-                                                       REG_DWORD,
-                                                       (BYTE*)&dwValue,
-                                                       sizeof(dwValue)));
-    dwValue = pStateInfo->DefaultBackground;
-    LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
-                                                       hTitleKey,
-                                                       CONSOLE_REGISTRY_DEFAULTBACKGROUND,
-                                                       REG_DWORD,
-                                                       (BYTE*)&dwValue,
-                                                       sizeof(dwValue)));
+        dwValue = pStateInfo->TerminalScrolling;
+        LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
+                                                           hTitleKey,
+                                                           CONSOLE_REGISTRY_TERMINALSCROLLING,
+                                                           REG_DWORD,
+                                                           (BYTE*)&dwValue,
+                                                           sizeof(dwValue)));
+        dwValue = pStateInfo->DefaultForeground;
+        LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
+                                                           hTitleKey,
+                                                           CONSOLE_REGISTRY_DEFAULTFOREGROUND,
+                                                           REG_DWORD,
+                                                           (BYTE*)&dwValue,
+                                                           sizeof(dwValue)));
+        dwValue = pStateInfo->DefaultBackground;
+        LOG_IF_FAILED(RegistrySerialization::s_UpdateValue(hConsoleKey,
+                                                           hTitleKey,
+                                                           CONSOLE_REGISTRY_DEFAULTBACKGROUND,
+                                                           REG_DWORD,
+                                                           (BYTE*)&dwValue,
+                                                           sizeof(dwValue)));
+    }
 
     //
     // Close the registry keys
diff --git a/src/propslib/ShortcutSerialization.cpp b/src/propslib/ShortcutSerialization.cpp
index a514de7c0..39d21cc1a 100644
--- a/src/propslib/ShortcutSerialization.cpp
+++ b/src/propslib/ShortcutSerialization.cpp
@@ -409,16 +409,19 @@ void ShortcutSerialization::s_GetLinkTitle(_In_ PCWSTR pwszShortcutFilename,
     return (SUCCEEDED(hr)) ? STATUS_SUCCESS : STATUS_UNSUCCESSFUL;
 }
 
-/**
-Writes the console properties out to the link it was opened from.
-Arguments:
-    pStateInfo - pointer to structure containing information
-Return Value:
-    A status code if something failed or S_OK
-*/
+// Function Description:
+// - Writes the console properties out to the link it was opened from.
+// Arguments:
+// - pStateInfo: pointer to structure containing information
+// - writeTerminalSettings: If true, persist the "Terminal" properties only
+//   present in the v2 console. This should be false if called from a v11
+//   console. See GH#2319
+// Return Value:
+// - A status code if something failed or S_OK
 [[nodiscard]] NTSTATUS ShortcutSerialization::s_SetLinkValues(_In_ PCONSOLE_STATE_INFO pStateInfo,
                                                               const BOOL fEastAsianSystem,
-                                                              const BOOL fForceV2)
+                                                              const BOOL fForceV2,
+                                                              const bool writeTerminalSettings)
 {
     IShellLinkW* psl;
     IPersistFile* ppf;
@@ -488,12 +491,21 @@ Return Value:
                     s_SetLinkPropertyBoolValue(pps, PKEY_Console_CtrlKeyShortcutsDisabled, pStateInfo->fCtrlKeyShortcutsDisabled);
                     s_SetLinkPropertyBoolValue(pps, PKEY_Console_LineSelection, pStateInfo->fLineSelection);
                     s_SetLinkPropertyByteValue(pps, PKEY_Console_WindowTransparency, pStateInfo->bWindowTransparency);
-                    s_SetLinkPropertyDwordValue(pps, PKEY_Console_CursorType, pStateInfo->CursorType);
-                    s_SetLinkPropertyDwordValue(pps, PKEY_Console_CursorColor, pStateInfo->CursorColor);
                     s_SetLinkPropertyBoolValue(pps, PKEY_Console_InterceptCopyPaste, pStateInfo->InterceptCopyPaste);
-                    s_SetLinkPropertyDwordValue(pps, PKEY_Console_DefaultForeground, pStateInfo->DefaultForeground);
-                    s_SetLinkPropertyDwordValue(pps, PKEY_Console_DefaultBackground, pStateInfo->DefaultBackground);
-                    s_SetLinkPropertyBoolValue(pps, PKEY_Console_TerminalScrolling, pStateInfo->TerminalScrolling);
+
+                    // Only save the "Terminal" settings if we launched as a v2
+                    // propsheet. The v1 console doesn't know anything about
+                    // these settings, and their value will be incorrectly
+                    // zero'd if we save in this state.
+                    // See microsoft/terminal#2319 for more details.
+                    if (writeTerminalSettings)
+                    {
+                        s_SetLinkPropertyDwordValue(pps, PKEY_Console_CursorType, pStateInfo->CursorType);
+                        s_SetLinkPropertyDwordValue(pps, PKEY_Console_CursorColor, pStateInfo->CursorColor);
+                        s_SetLinkPropertyDwordValue(pps, PKEY_Console_DefaultForeground, pStateInfo->DefaultForeground);
+                        s_SetLinkPropertyDwordValue(pps, PKEY_Console_DefaultBackground, pStateInfo->DefaultBackground);
+                        s_SetLinkPropertyBoolValue(pps, PKEY_Console_TerminalScrolling, pStateInfo->TerminalScrolling);
+                    }
                     hr = pps->Commit();
                     pps->Release();
                 }
diff --git a/src/propslib/ShortcutSerialization.hpp b/src/propslib/ShortcutSerialization.hpp
index 27183b09c..a21e57386 100644
--- a/src/propslib/ShortcutSerialization.hpp
+++ b/src/propslib/ShortcutSerialization.hpp
@@ -24,7 +24,7 @@ Revision History:
 class ShortcutSerialization
 {
 public:
-    [[nodiscard]] static NTSTATUS s_SetLinkValues(_In_ PCONSOLE_STATE_INFO pStateInfo, const BOOL fEastAsianSystem, const BOOL fForceV2);
+    [[nodiscard]] static NTSTATUS s_SetLinkValues(_In_ PCONSOLE_STATE_INFO pStateInfo, const BOOL fEastAsianSystem, const BOOL fForceV2, const bool writeTerminalSettings);
     [[nodiscard]] static NTSTATUS s_GetLinkConsoleProperties(_Inout_ PCONSOLE_STATE_INFO pStateInfo);
     [[nodiscard]] static NTSTATUS s_GetLinkValues(_Inout_ PCONSOLE_STATE_INFO pStateInfo,
                                                   _Out_ BOOL* const pfReadConsoleProperties,
diff --git a/tools/bx.ps1 b/tools/bx.ps1
index 4332c7bb6..4bf0596a3 100644
--- a/tools/bx.ps1
+++ b/tools/bx.ps1
@@ -9,18 +9,30 @@ if ($projects.length -eq 0)
 }
 $projectPath = $projects.FullName
 
-$msBuildCondition = "'%(ProjectReference.Identity)' == '$projectPath.metaproj'"
 
 # Parse the solution's metaproj file.
 [xml]$Metaproj = Get-Content "$env:OPENCON\OpenConsole.sln.metaproj"
 
 $targets = $Metaproj.Project.Target
 
-# Filter to project targets that match out metaproj file.
+# Most projects are in OpenConsole.sln.metaproj as "<project>.*proj.metaproj".
+# We'll filter to search for these first and foremost.
+$msBuildCondition = "'%(ProjectReference.Identity)' == '$projectPath.metaproj'"
+
+# Filter to project targets that match our metaproj file.
 # For Conhost\Server, this will match:
 #   [Conhost\Server, Conhost\Server:Clean, Conhost\Server:Rebuild, Conhost\Server:Publish]
 $matchingTargets = $targets | Where-Object { $_.MSBuild.Condition -eq $msBuildCondition }
 
+# If we didn't find a target, it's possible that the project didn't have a
+# .metaproj in OpenConsole.sln.metaproj. Try filtering again, but leave off the
+# .metaproj extension.
+if ($matchingTargets.length -eq 0)
+{
+    $conditionNoMeta = "'%(ProjectReference.Identity)' == '$projectPath'"
+    $matchingTargets = $targets | Where-Object { $_.MSBuild.Condition -eq $conditionNoMeta }
+}
+
 # Further filter to the targets that dont have a suffix (like ":Clean")
 $matchingTargets = $matchingTargets | Where-Object { $hasProperty = $_.MsBuild.PSobject.Properties.name -match "Targets" ; return -Not $hasProperty }
 
diff --git a/tools/opencon.cmd b/tools/opencon.cmd
index 40746db9b..172a37231 100644
--- a/tools/opencon.cmd
+++ b/tools/opencon.cmd
@@ -22,4 +22,5 @@ set copy_dir=OpenConsole\%_r%
 (xcopy /Y %_last_build%\Nihilist.exe %TEMP%\%copy_dir%\Nihilist.exe*) > nul
 (xcopy /Y %_last_build%\console.dll %TEMP%\%copy_dir%\console.dll*) > nul
 
+echo Launching `%TEMP%\%copy_dir%\OpenConsole.exe %*`...
 start %TEMP%\%copy_dir%\OpenConsole.exe %*