no, the $ evaluates only if preceded by space or by '#', as well as preceded by parenthesis or comma inside an identifier's parameters. That's why I gave both examples of 1 and 2 slashes. Both methods are the same string, so there's no evaluation.
//echo -a #$version is numeric even inside a #channel window which evaluates the # to a not-null string.
/echo -a #12$C=mS^2$21
is same as
//echo -a #12$C=mS^2$21