diff --git a/core/src/main/java/google/registry/model/billing/BillingRecurrence.java b/core/src/main/java/google/registry/model/billing/BillingRecurrence.java
index c83c11b59..004b2ccd3 100644
--- a/core/src/main/java/google/registry/model/billing/BillingRecurrence.java
+++ b/core/src/main/java/google/registry/model/billing/BillingRecurrence.java
@@ -191,6 +191,10 @@ public class BillingRecurrence extends BillingBase {
               ^ instance.renewalPrice == null,
           "Renewal price can have a value if and only if the renewal price behavior is"
               + " SPECIFIED");
+      if (instance.renewalPrice != null) {
+        checkArgument(
+            instance.renewalPrice.isPositiveOrZero(), "SPECIFIED renewal price cannot be negative");
+      }
       instance.recurrenceTimeOfYear = TimeOfYear.fromInstant(instance.eventTime);
       instance.recurrenceEndTime =
           Optional.ofNullable(instance.recurrenceEndTime).orElse(END_INSTANT);
diff --git a/core/src/main/java/google/registry/model/domain/token/AllocationToken.java b/core/src/main/java/google/registry/model/domain/token/AllocationToken.java
index cf629cd31..626647ded 100644
--- a/core/src/main/java/google/registry/model/domain/token/AllocationToken.java
+++ b/core/src/main/java/google/registry/model/domain/token/AllocationToken.java
@@ -462,6 +462,10 @@ public class AllocationToken extends UpdateAutoTimestampEntity implements Builda
           getInstance().renewalPriceBehavior.equals(RenewalPriceBehavior.SPECIFIED)
               == (getInstance().renewalPrice != null),
           "renewalPrice must be specified iff renewalPriceBehavior is SPECIFIED");
+      if (getInstance().renewalPrice != null) {
+        checkArgument(
+            getInstance().renewalPrice.isPositiveOrZero(), "Renewal price cannot be negative");
+      }
 
       if (getInstance().tokenType.equals(TokenType.BULK_PRICING)) {
         checkArgument(
diff --git a/core/src/test/java/google/registry/model/billing/BillingBaseTest.java b/core/src/test/java/google/registry/model/billing/BillingBaseTest.java
index 37328b32b..d4c7ff180 100644
--- a/core/src/test/java/google/registry/model/billing/BillingBaseTest.java
+++ b/core/src/test/java/google/registry/model/billing/BillingBaseTest.java
@@ -890,4 +890,23 @@ public class BillingBaseTest extends EntityTestCase {
             "Renewal price can have a value if and only if the "
                 + "renewal price behavior is SPECIFIED");
   }
+
+  @Test
+  void testFailure_buildWithSpecifiedRenewalBehavior_negativeRenewalPrice() {
+    assertThat(
+            assertThrows(
+                IllegalArgumentException.class,
+                () ->
+                    new BillingRecurrence.Builder()
+                        .setDomainHistory(domainHistory)
+                        .setFlags(ImmutableSet.of(Flag.AUTO_RENEW))
+                        .setReason(Reason.RENEW)
+                        .setEventTime(plusYears(now, 1))
+                        .setRenewalPriceBehavior(RenewalPriceBehavior.SPECIFIED)
+                        .setRenewalPrice(Money.of(USD, -100))
+                        .setRecurrenceEndTime(END_INSTANT)
+                        .build()))
+        .hasMessageThat()
+        .isEqualTo("SPECIFIED renewal price cannot be negative");
+  }
 }
diff --git a/core/src/test/java/google/registry/model/domain/token/AllocationTokenTest.java b/core/src/test/java/google/registry/model/domain/token/AllocationTokenTest.java
index 8d26630b1..e914784d5 100644
--- a/core/src/test/java/google/registry/model/domain/token/AllocationTokenTest.java
+++ b/core/src/test/java/google/registry/model/domain/token/AllocationTokenTest.java
@@ -612,6 +612,22 @@ public class AllocationTokenTest extends EntityTestCase {
         .isEqualTo("renewalPrice must be specified iff renewalPriceBehavior is SPECIFIED");
   }
 
+  @Test
+  void testBuild_negativeRenewalPrice() {
+    assertThat(
+            assertThrows(
+                IllegalArgumentException.class,
+                () ->
+                    new AllocationToken.Builder()
+                        .setToken("abc")
+                        .setTokenType(SINGLE_USE)
+                        .setRenewalPriceBehavior(RenewalPriceBehavior.SPECIFIED)
+                        .setRenewalPrice(Money.of(CurrencyUnit.USD, -5))
+                        .build()))
+        .hasMessageThat()
+        .isEqualTo("Renewal price cannot be negative");
+  }
+
   @Test
   void testBuild_registrationBehaviors() {
     createTld("tld");