diff --git a/frappe/model/base_document.py b/frappe/model/base_document.py
index 57b4777355..8fd64689fc 100644
--- a/frappe/model/base_document.py
+++ b/frappe/model/base_document.py
@@ -963,10 +963,13 @@ class BaseDocument(object):
 			from frappe.model.meta import get_default_df
 			df = get_default_df(fieldname)
 
-		if df.fieldtype == "Currency" and not currency:
-			currency = self.get(df.get("options"))
-			if not frappe.db.exists('Currency', currency, cache=True):
-				currency = None
+		if (
+			df.fieldtype == "Currency"
+			and not currency
+			and (currency_field := df.get("options"))
+			and (currency_value := self.get(currency_field))
+		):
+			currency = frappe.db.get_value('Currency', currency_value, cache=True)
 
 		val = self.get(fieldname)
 
diff --git a/frappe/tests/test_document.py b/frappe/tests/test_document.py
index 169d1ebb2c..5caccb167e 100644
--- a/frappe/tests/test_document.py
+++ b/frappe/tests/test_document.py
@@ -246,7 +246,7 @@ class TestDocument(unittest.TestCase):
 			'fields': [
 				{'label': 'Currency', 'fieldname': 'currency', 'reqd': 1, 'fieldtype': 'Currency'},
 			]
-		}).insert()
+		}).insert(ignore_if_duplicate=True)
 
 		frappe.delete_doc_if_exists("Currency", "INR", 1)
 
@@ -262,6 +262,10 @@ class TestDocument(unittest.TestCase):
 		})
 		self.assertEqual(d.get_formatted('currency', currency='INR', format="#,###.##"), '₹ 100,000.00')
 
+		# should work even if options aren't set in df
+		# and currency param is not passed
+		self.assertIn("0", d.get_formatted("currency"))
+
 	def test_limit_for_get(self):
 		doc = frappe.get_doc("DocType", "DocType")
 		# assuming DocType has more than 3 Data fields