Boxing behavior difference in System.Dynamic.ExpandoObject

Question

I recently started coding in C# and writing ASP.NET MVC apps. I was doing something similar to this:

var hashtable =  new Hashtable();
hashtable.Add("First", 12);
hashtable.Add("Second", 12);

if(hashtable["First"] == hashtable["Second"])
{
    Console.WriteLine("Equal");
}
else{
    Console.WriteLine("Not Equal");
}

It always outputs Not Equal. A while later I realized it was the effect of boxing. However, if I write the following:

var hashtable =  new Hashtable();
hashtable.Add("First", 12);
hashtable.Add("Second", 12);

dynamic ViewBag = new System.Dynamic.ExpandoObject();
ViewBag.hashtable = hashtable;

if(ViewBag.hashtable["First"] == ViewBag.hashtable["Second"])
{
    Console.WriteLine("Equal");
}
else
{
    Console.WriteLine("Not Equal");
}

It always outputs Equal.

What is the underlying mechanism that is causing this difference?