diff --git a/common/djangoapps/static_replace.py b/common/djangoapps/static_replace.py
index 70031cc754..f9660e7f5e 100644
--- a/common/djangoapps/static_replace.py
+++ b/common/djangoapps/static_replace.py
@@ -9,8 +9,11 @@ def replace(static_url, prefix=None):
         prefix = prefix + '/'
 
     quote = static_url.group('quote')
-    url = staticfiles_storage.url(prefix + static_url.group('rest'))
-    return "".join([quote, url, quote])
+    if staticfiles_storage.exists(static_url.group('rest')):
+        return static_url.group(0)
+    else:
+        url = staticfiles_storage.url(prefix + static_url.group('rest'))
+        return "".join([quote, url, quote])
 
 
 def replace_urls(text, staticfiles_prefix=None, replace_prefix='/static/'):
@@ -18,9 +21,9 @@ def replace_urls(text, staticfiles_prefix=None, replace_prefix='/static/'):
         return replace(static_url, staticfiles_prefix)
 
     return re.sub(r"""
-        (?x)		# flags=re.VERBOSE
-        (?P<quote>\\?['"])  # the opening quotes
-        {prefix}         # the prefix
-        (?P<rest>.*?)    # everything else in the url
-        (?P=quote)       # the first matching closing quote
+        (?x)                 # flags=re.VERBOSE
+        (?P<quote>\\?['"])   # the opening quotes
+        (?P<prefix>{prefix}) # the prefix
+        (?P<rest>.*?)        # everything else in the url
+        (?P=quote)           # the first matching closing quote
         """.format(prefix=replace_prefix), replace_url, text)