diff --git a/src/main/java/org/jenkinsci/plugins/tokenmacro/Parser.java b/src/main/java/org/jenkinsci/plugins/tokenmacro/Parser.java
index 4902deb..415d52a 100644
--- a/src/main/java/org/jenkinsci/plugins/tokenmacro/Parser.java
+++ b/src/main/java/org/jenkinsci/plugins/tokenmacro/Parser.java
@@ -103,13 +103,20 @@ private void parseToken(CharacterIterator c) throws MacroEvaluationException, IO
             throw new MacroEvaluationException("Missing $ in macro usage");
         }
 
+        char last = c.current();
         c.next();
         if(c.current() == '$') {
             parseEscapedToken(c);
         } else if(c.current() == '{') {
             parseDelimitedToken(c);
-        } else {
+        } else if(Character.isLetter(c.current())) {
             parseNonDelimitedToken(c);
+        } else {
+            output.append(last);
+            if(c.current() != CharacterIterator.DONE) {
+                output.append(c.current());
+            }
+            c.next();
         }
     }
 
diff --git a/src/test/java/org/jenkinsci/plugins/tokenmacro/TokenMacroTest.java b/src/test/java/org/jenkinsci/plugins/tokenmacro/TokenMacroTest.java
index f874cfc..7f34ad4 100644
--- a/src/test/java/org/jenkinsci/plugins/tokenmacro/TokenMacroTest.java
+++ b/src/test/java/org/jenkinsci/plugins/tokenmacro/TokenMacroTest.java
@@ -223,6 +223,18 @@ public void testThatATokenMacroListWithANullEntryDoesNotExplode() throws Excepti
                 TokenMacro.expand(b, listener, "${TEST_PRIVATE}${BUILD_URL}${TEST2_PRIVATE}", true, badList));
     }
 
+    @Test
+    @Issue("JENKINS-67862")
+    public void testNoToken() throws Exception {
+        FreeStyleProject p = j.createFreeStyleProject("foo");
+        FreeStyleBuild b = p.scheduleBuild2(0).get();
+        assertEquals("^(?:.*/)?master$|^(?:.*/)?(feature|release)/.* ",TokenMacro.expandAll(b, TaskListener.NULL, "^(?:.*/)?master$|^(?:.*/)?(feature|release)/.* "));
+
+        p = j.createFreeStyleProject("foo2");
+        b = p.scheduleBuild2(0).get();
+        assertEquals("^false$",TokenMacro.expandAll(b, TaskListener.NULL, "^false$"));
+    }
+
     public class PrivateTestMacro extends TokenMacro {
         private static final String MACRO_NAME = "TEST_PRIVATE";