diff --git a/app/assets/javascripts/discourse/dialects/dialect.js b/app/assets/javascripts/discourse/dialects/dialect.js
index 9d0cbef8d7b..e5b90484010 100644
--- a/app/assets/javascripts/discourse/dialects/dialect.js
+++ b/app/assets/javascripts/discourse/dialects/dialect.js
@@ -278,7 +278,9 @@ Discourse.Dialect = {
     var keys = Object.keys(hoisted);
     if (keys.length) {
       keys.forEach(function(key) {
-        result = result.replace(new RegExp(key, "g"), hoisted[key]);
+        result = result.replace(new RegExp(key, "g"), function() {
+          return hoisted[key];
+        });
       });
     }
 
diff --git a/test/javascripts/lib/markdown-test.js.es6 b/test/javascripts/lib/markdown-test.js.es6
index f5859165f18..25c2a69014b 100644
--- a/test/javascripts/lib/markdown-test.js.es6
+++ b/test/javascripts/lib/markdown-test.js.es6
@@ -531,4 +531,8 @@ test("code blocks/spans hoisting", function() {
   cooked("```\n\n    some code\n```",
          "<p><pre><code class=\"lang-auto\">    some code</code></pre></p>",
          "it works when nesting standard markdown code blocks within a fenced code block");
+
+  cooked("`$&`",
+         "<p><code>$&amp;</code></p>",
+         "it works even when hoisting special replacement patterns");
 });