To reproduce in VIM 7.4:

        $ cat >test.sh <<EOF
        #!/bin/sh
        ls "#\$#"
        EOF
        $ vim -u NONE -c ':syntax on' test.sh

The Vim version tested is 7.4 from Debian sid; 7.3 from Debian stable is
not affected by this bug.
        
$ vim --version
VIM - Vi IMproved 7.4 (2013 Aug 10, compiled Feb  3 2014 00:39:14)
Inklusive der Korrekturen: 1-161
Verändert von [email protected]
Übersetzt von [email protected]
Riesige Version ohne GUI. Ein- (+) oder ausschließlich (-) der Eigenschaften:
+acl             +farsi           +mouse_netterm   +syntax
+arabic          +file_in_path    +mouse_sgr       +tag_binary
+autocmd         +find_in_path    -mouse_sysmouse  +tag_old_static
-balloon_eval    +float           +mouse_urxvt     -tag_any_white
-browse          +folding         +mouse_xterm     +tcl
++builtin_terms  -footer          +multi_byte      +terminfo
+byte_offset     +fork()          +multi_lang      +termresponse
+cindent         +gettext         -mzscheme        +textobjects
-clientserver    -hangul_input    +netbeans_intg   +title
-clipboard       +iconv           +path_extra      -toolbar
+cmdline_compl   +insert_expand   +perl            +user_commands
+cmdline_hist    +jumplist        +persistent_undo +vertsplit
+cmdline_info    +keymap          +postscript      +virtualedit
+comments        +langmap         +printer         +visual
+conceal         +libcall         +profile         +visualextra
+cryptv          +linebreak       +python          +viminfo
+cscope          +lispindent      -python3         +vreplace
+cursorbind      +listcmds        +quickfix        +wildignore
+cursorshape     +localmap        +reltime         +wildmenu
+dialog_con      +lua             +rightleft       +windows
+diff            +menu            +ruby            +writebackup
+digraphs        +mksession       +scrollbind      -X11
-dnd             +modify_fname    +signs           -xfontset
-ebcdic          +mouse           +smartindent     -xim
+emacs_tags      -mouseshape      -sniff           -xsmp
+eval            +mouse_dec       +startuptime     -xterm_clipboard
+ex_extra        +mouse_gpm       +statusline      -xterm_save
+extra_search    -mouse_jsbterm   -sun_workshop    -xpm
          System-vimrc-Datei: "$VIM/vimrc"
        Benutzer-vimrc-Datei: "$HOME/.vimrc"
 zweite Benutzer-vimrc-Datei: "~/.vim/vimrc"
         Benutzer-exrc-Datei: "$HOME/.exrc"
     Voreinstellung für $VIM: "/usr/share/vim"
Übersetzt: gcc -c -I. -Iproto -DHAVE_CONFIG_H     -g -O2 -fstack-protector 
--param=ssp-buffer-size=4 -Wformat -Werror=format-security -U_FORTIFY_SOURCE 
-D_FORTIFY_SOURCE=1     -I/usr/include/tcl8.5  -D_REENTRANT=1  -D_THREAD_SAFE=1 
 -D_LARGEFILE64_SOURCE=1  
Linken: gcc   -L. -Wl,-z,relro -rdynamic -Wl,-export-dynamic -Wl,-E  
-Wl,-z,relro -Wl,--as-needed -o vim        -lm -ltinfo -lnsl  -lselinux  -lacl 
-lattr -lgpm -ldl  -L/usr/lib -llua5.1 -Wl,-E  -fstack-protector 
-L/usr/local/lib  -L/usr/lib/perl/5.18/CORE -lperl -ldl -lm -lpthread -lcrypt 
-L/usr/lib/python2.7/config-x86_64-linux-gnu -lpython2.7 -lpthread -ldl -lutil 
-lm -Xlinker -export-dynamic -Wl,-O1 -Wl,-Bsymbolic-functions  -L/usr/lib 
-ltcl8.5 -ldl -lpthread -lieee -lm -lruby-1.9.1 -lpthread -lrt -ldl -lcrypt -lm 
 -L/usr/lib   

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