diff --git a/pyproject_metadata/__init__.py b/pyproject_metadata/__init__.py
index b3a4ee7..f654463 100644
--- a/pyproject_metadata/__init__.py
+++ b/pyproject_metadata/__init__.py
@@ -196,7 +196,6 @@ class StandardMetadata:
 
     def __post_init__(self) -> None:
         self.name = re.sub(r'[-_.]+', '-', self.name).lower()
-        self._update_dynamic(self.version)
 
     @classmethod
     def from_pyproject(
@@ -226,6 +225,10 @@ def from_pyproject(
 
         version_string = fetcher.get_str('project.version')
         requires_python_string = fetcher.get_str('project.requires-python')
+        version = packaging.version.Version(version_string) if version_string else None
+
+        if version is None and 'version' not in dynamic:
+            raise ConfigurationError('Field "project.version" missing and "version" not specified in "project.dynamic"')
 
         # Description can't be multiline
         description = fetcher.get_str('project.description')
@@ -234,7 +237,7 @@ def from_pyproject(
 
         return cls(
             name,
-            packaging.version.Version(version_string) if version_string else None,
+            version,
             description,
             cls._get_license(fetcher, project_dir),
             cls._get_readme(fetcher, project_dir),
@@ -255,8 +258,6 @@ def from_pyproject(
     def _update_dynamic(self, value: Any) -> None:
         if value and 'version' in self.dynamic:
             self.dynamic.remove('version')
-        elif not value and 'version' not in self.dynamic:
-            self.dynamic.append('version')
 
     def __setattr__(self, name: str, value: Any) -> None:
         # update dynamic when version is set
diff --git a/tests/test_standard_metadata.py b/tests/test_standard_metadata.py
index 2cd3367..eb8aac1 100644
--- a/tests/test_standard_metadata.py
+++ b/tests/test_standard_metadata.py
@@ -29,6 +29,7 @@
             textwrap.dedent('''
                 [project]
                 name = true
+                version = '0.1.0'
             '''),
             ('Field "project.name" has an invalid type, expecting a string (got "True")'),
         ),
@@ -37,6 +38,7 @@
             textwrap.dedent('''
                 [project]
                 name = true
+                version = '0.1.0'
                 dynamic = [
                     'name',
                 ]
@@ -52,11 +54,19 @@
             '''),
             ('Field "project.version" has an invalid type, expecting a string (got "True")'),
         ),
+        (
+            textwrap.dedent('''
+                [project]
+                name = 'test'
+            '''),
+            ('Field "project.version" missing and "version" not specified in "project.dynamic"'),
+        ),
         # license
         (
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 license = true
             '''),
             ('Field "project.license" has an invalid type, expecting a dictionary of strings (got "True")'),
@@ -65,6 +75,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 license = {}
             '''),
             ('Invalid "project.license" value, expecting either "file" or "text" (got "{}")'),
@@ -73,6 +84,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 license = { file = '...', text = '...' }
             '''),
             (
@@ -84,6 +96,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 license = { made-up = ':(' }
             '''),
             (
@@ -94,6 +107,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 license = { file = true }
             '''),
             ('Field "project.license.file" has an invalid type, expecting a string (got "True")'),
@@ -102,6 +116,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 license = { text = true }
             '''),
             ('Field "project.license.text" has an invalid type, expecting a string (got "True")'),
@@ -110,6 +125,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 license = { file = 'this-file-does-not-exist' }
             '''),
             ('License file not found ("this-file-does-not-exist")'),
@@ -119,6 +135,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 readme = true
             '''),
             (
@@ -130,6 +147,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 readme = {}
             '''),
             (
@@ -140,6 +158,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 readme = { file = '...', text = '...' }
             '''),
             (
@@ -151,6 +170,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 readme = { made-up = ':(' }
             '''),
             (
@@ -161,6 +181,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 readme = { file = true }
             '''),
             ('Field "project.readme.file" has an invalid type, expecting a string (got "True")'),
@@ -169,6 +190,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 readme = { text = true }
             '''),
             ('Field "project.readme.text" has an invalid type, expecting a string (got "True")'),
@@ -177,6 +199,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 readme = { file = 'this-file-does-not-exist', content-type = '...' }
             '''),
             ('Readme file not found ("this-file-does-not-exist")'),
@@ -185,6 +208,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 readme = { file = 'README.md' }
             '''),
             ('Field "project.readme.content-type" missing'),
@@ -193,6 +217,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 readme = { text = '...' }
             '''),
             ('Field "project.readme.content-type" missing'),
@@ -202,6 +227,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 description = true
             '''),
             ('Field "project.description" has an invalid type, expecting a string (got "True")'),
@@ -220,6 +246,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 dependencies = 'some string!'
             '''),
             ('Field "project.dependencies" has an invalid type, expecting a list of strings (got "some string!")'),
@@ -228,6 +255,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 dependencies = [
                     99,
                 ]
@@ -238,6 +266,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 dependencies = [
                     'definitely not a valid PEP 508 requirement!',
                 ]
@@ -252,6 +281,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 optional-dependencies = true
             '''),
             (
@@ -263,6 +293,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 [project.optional-dependencies]
                 test = 'some string!'
             '''),
@@ -275,6 +306,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 [project.optional-dependencies]
                 test = [
                     true,
@@ -289,6 +321,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 [project.optional-dependencies]
                 test = [
                     'definitely not a valid PEP 508 requirement!',
@@ -304,6 +337,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 requires-python = true
             '''),
             ('Field "project.requires-python" has an invalid type, expecting a string (got "True")'),
@@ -313,6 +347,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 keywords = 'some string!'
             '''),
             ('Field "project.keywords" has an invalid type, expecting a list of strings (got "some string!")'),
@@ -321,6 +356,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 keywords = [
                     true,
                 ]
@@ -332,6 +368,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 authors = {}
             '''),
             (
@@ -343,6 +380,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 authors = [
                     true,
                 ]
@@ -357,6 +395,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 maintainers = {}
             '''),
             (
@@ -368,6 +407,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 maintainers = [
                     10
                 ]
@@ -382,6 +422,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 classifiers = 'some string!'
             '''),
             ('Field "project.classifiers" has an invalid type, expecting a list of strings (got "some string!")'),
@@ -390,6 +431,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 classifiers = [
                     true,
                 ]
@@ -401,6 +443,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 [project.urls]
                 homepage = true
             '''),
@@ -411,6 +454,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 [project.urls]
                 documentation = true
             '''),
@@ -421,6 +465,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 [project.urls]
                 repository = true
             '''),
@@ -431,6 +476,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 [project.urls]
                 changelog = true
             '''),
@@ -441,6 +487,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 scripts = []
             '''),
             ('Field "project.scripts" has an invalid type, expecting a dictionary of strings (got "[]")'),
@@ -450,6 +497,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 gui-scripts = []
             '''),
             ('Field "project.gui-scripts" has an invalid type, expecting a dictionary of strings (got "[]")'),
@@ -459,6 +507,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 entry-points = []
             '''),
             (
@@ -470,6 +519,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 entry-points = { section = 'something' }
             '''),
             (
@@ -481,6 +531,7 @@
             textwrap.dedent('''
                 [project]
                 name = 'test'
+                version = '0.1.0'
                 [project.entry-points.section]
                 entrypoint = []
             '''),
@@ -693,6 +744,7 @@ def test_requires_python(value):
     pyproject_metadata.StandardMetadata.from_pyproject({
         'project': {
             'name': 'example',
+            'version': '0.1.0',
             'requires-python': value,
         },
     })
@@ -709,5 +761,3 @@ def test_version_dynamic():
     })
     metadata.version = packaging.version.Version('1.2.3')
     assert 'version' not in metadata.dynamic
-    metadata.version = None
-    assert 'version' in metadata.dynamic