diff --git a/app/code/core/Mage/Adminhtml/Model/System/Config/Backend/Color.php b/app/code/core/Mage/Adminhtml/Model/System/Config/Backend/Color.php
index 056c68dc16a..62f40005486 100644
--- a/app/code/core/Mage/Adminhtml/Model/System/Config/Backend/Color.php
+++ b/app/code/core/Mage/Adminhtml/Model/System/Config/Backend/Color.php
@@ -33,11 +33,21 @@ class Mage_Adminhtml_Model_System_Config_Backend_Color extends Mage_Core_Model_C
      */
     protected function _beforeSave()
     {
+        /** @var Mage_Core_Model_Config_Element $config */
         $config = $this->getFieldConfig();
 
+        $validate = [];
+        if (isset($config->validate)) {
+            $validate = array_map('trim', explode(' ', $config->validate));
+        }
+
+        if (!(string)$this->getValue() && !in_array('required-entry', $validate)) {
+            return $this;
+        }
+
         $with_hash = true;
         if (isset($config->with_hash)) {
-            $with_hash = (bool)$config->with_hash;
+            $with_hash = $config->is('with_hash', true);
         }
 
         if ($with_hash) {
diff --git a/lib/Varien/Data/Form/Element/Color.php b/lib/Varien/Data/Form/Element/Color.php
index eb1f97e1f08..77327ecf342 100644
--- a/lib/Varien/Data/Form/Element/Color.php
+++ b/lib/Varien/Data/Form/Element/Color.php
@@ -54,9 +54,10 @@ public function getHtmlAttributes()
     public function getElementHtml()
     {
         $id = $this->getHtmlId();
-        $with_hash = (bool) ($this->original_data['with_hash'] ?? 1);
 
-        if ($with_hash) {
+        $with_hash = strtolower((string) ($this->original_data['with_hash'] ?? 1));
+
+        if (!empty($with_hash) && $with_hash !== 'false' && $with_hash !== 'off') {
             $oninput = "document.getElementById('{$id}').value = this.value";
             $regex = self::VALIDATION_REGEX_WITH_HASH;
             $this->setOninput("document.getElementById('{$id}:html5').value = {$regex}.test(this.value) ? this.value : '#000000'");