diff --git a/utf8.c b/utf8.c
index 0abb7875..03ab7e93 100644
--- a/utf8.c
+++ b/utf8.c
@@ -517,7 +517,7 @@ utf8_strvis(char *dst, const char *src, size_t len, int flag)
 			/* Not a complete, valid UTF-8 character. */
 			src -= ud.have;
 		}
-		if (src[0] == '$' && src < end - 1) {
+		if ((flag & VIS_DQ) && src[0] == '$' && src < end - 1) {
 			if (isalpha((u_char)src[1]) ||
 			    src[1] == '_' ||
 			    src[1] == '{')