Yes there will be two strong references, theres no global record of all shared pointers that it looks up to see if the pointer you're trying to cover is already covered by another smart pointer. (it's not impossible to make something like this yourself, but it's not something you should have to do)
The smart pointer creates it's own reference counter and in your case, there would be two separate ones keeping track of the same pointer.
So either smart pointer may delete the content without being aware of the fact that it is also held in another smart pointer.