diff --git a/src/os_unix.c b/src/os_unix.c
index 124c269..b49afc3 100644
--- a/src/os_unix.c
+++ b/src/os_unix.c
@@ -5939,10 +5939,12 @@
 			*p++ = '\\';
 		    ++j;
 		}
-		else if (!intick && vim_strchr(SHELL_SPECIAL,
-							   pat[i][j]) != NULL)
+		else if (!intick
+			 && ((flags & EW_KEEPDOLLAR) == 0 || pat[i][j] != '$')
+			      && vim_strchr(SHELL_SPECIAL, pat[i][j]) != NULL)
 		    /* Put a backslash before a special character, but not
-		     * when inside ``. */
+		     * when inside ``. And not for $var when EW_KEEPDOLLAR is
+		     * set. */
 		    *p++ = '\\';
 
 		/* Copy one character. */