diff --git a/Makefile b/Makefile
index 1d004ce21..33fead663 100644
--- a/Makefile
+++ b/Makefile
@@ -225,7 +225,7 @@ WARNINGS:=\
 #CABALMACROSFLAGS=-optP-include -optP hledger/.stack-work/dist/*/*/build/autogen/cabal_macros.h
 
 BUILDFLAGS1=-rtsopts $(WARNINGS) $(INCLUDEPATHS) $(PREFERMACUSRLIBFLAGS) $(GHCMEMFLAGS) $(CABALMACROSFLAGS) -DPATCHLEVEL=$(PATCHLEVEL) -DDEVELOPMENT
-BUILDFLAGS=$(BUILDFLAGS1) -DVERSION='"$(VERSION)"'
+BUILDFLAGS=$(BUILDFLAGS1) -DVERSION="\"$(VERSION)\""
 # PROFBUILDFLAGS:=-prof -fprof-auto -osuf hs_p
 # # sp needs different quoting:
 # AUTOBUILDFLAGS:=$(BUILDFLAGS1) -DVERSION='\"$(VERSION)dev\"' # $(PROFBUILDFLAGS)