So I looked at the code to answer your question. It looks like it's a hack, not a magical value. The refcount can go down, but it gets reset back to the max for SvIMMORTAL variables (the true, the false, the undef and a special internal thing called "placeholder").
In reply to Re^4: how ! operator works
by ikegami
in thread how ! operator works
by nagalenoj
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