diff --git a/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java b/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java
index a0907a1f3a1..6b5824cea5e 100644
--- a/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java
+++ b/spring-context/src/main/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurer.java
@@ -1,5 +1,5 @@
 /*
- * Copyright 2002-2021 the original author or authors.
+ * Copyright 2002-2022 the original author or authors.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -24,10 +24,12 @@ import org.springframework.beans.factory.BeanInitializationException;
 import org.springframework.beans.factory.config.ConfigurableListableBeanFactory;
 import org.springframework.beans.factory.config.PlaceholderConfigurerSupport;
 import org.springframework.context.EnvironmentAware;
+import org.springframework.core.env.ConfigurableEnvironment;
 import org.springframework.core.env.ConfigurablePropertyResolver;
 import org.springframework.core.env.Environment;
 import org.springframework.core.env.MutablePropertySources;
 import org.springframework.core.env.PropertiesPropertySource;
+import org.springframework.core.env.PropertyResolver;
 import org.springframework.core.env.PropertySource;
 import org.springframework.core.env.PropertySources;
 import org.springframework.core.env.PropertySourcesPropertyResolver;
@@ -57,6 +59,7 @@ import org.springframework.util.StringValueResolver;
  *
  * @author Chris Beams
  * @author Juergen Hoeller
+ * @author Sam Brannen
  * @since 3.1
  * @see org.springframework.core.env.ConfigurableEnvironment
  * @see org.springframework.beans.factory.config.PlaceholderConfigurerSupport
@@ -129,12 +132,25 @@ public class PropertySourcesPlaceholderConfigurer extends PlaceholderConfigurerS
 		if (this.propertySources == null) {
 			this.propertySources = new MutablePropertySources();
 			if (this.environment != null) {
+				PropertyResolver propertyResolver = this.environment;
+				// If the ignoreUnresolvablePlaceholders flag is set to true, we have to create a
+				// local PropertyResolver to enforce that setting, since the Environment is most
+				// likely not configured with ignoreUnresolvablePlaceholders set to true.
+				// See https://github.com/spring-projects/spring-framework/issues/27947
+				if (this.ignoreUnresolvablePlaceholders && (this.environment instanceof ConfigurableEnvironment)) {
+					ConfigurableEnvironment configurableEnvironment = (ConfigurableEnvironment) this.environment;
+					PropertySourcesPropertyResolver resolver =
+							new PropertySourcesPropertyResolver(configurableEnvironment.getPropertySources());
+					resolver.setIgnoreUnresolvableNestedPlaceholders(true);
+					propertyResolver = resolver;
+				}
+				PropertyResolver propertyResolverToUse = propertyResolver;
 				this.propertySources.addLast(
 					new PropertySource<Environment>(ENVIRONMENT_PROPERTIES_PROPERTY_SOURCE_NAME, this.environment) {
 						@Override
 						@Nullable
 						public String getProperty(String key) {
-							return this.source.getProperty(key);
+							return propertyResolverToUse.getProperty(key);
 						}
 					}
 				);
diff --git a/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java b/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java
index bdb41244bdd..42fe1a715e2 100644
--- a/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java
+++ b/spring-context/src/test/java/org/springframework/context/support/PropertySourcesPlaceholderConfigurerTests.java
@@ -21,9 +21,14 @@ import java.util.Properties;
 
 import org.junit.jupiter.api.Test;
 
+import org.springframework.beans.factory.BeanCreationException;
 import org.springframework.beans.factory.BeanDefinitionStoreException;
+import org.springframework.beans.factory.annotation.Value;
 import org.springframework.beans.factory.support.DefaultListableBeanFactory;
 import org.springframework.beans.testfixture.beans.TestBean;
+import org.springframework.context.annotation.AnnotationConfigApplicationContext;
+import org.springframework.context.annotation.Bean;
+import org.springframework.context.annotation.Configuration;
 import org.springframework.core.convert.support.DefaultConversionService;
 import org.springframework.core.env.MutablePropertySources;
 import org.springframework.core.env.PropertySource;
@@ -40,8 +45,11 @@ import static org.springframework.beans.factory.support.BeanDefinitionBuilder.ge
 import static org.springframework.beans.factory.support.BeanDefinitionBuilder.rootBeanDefinition;
 
 /**
+ * Tests for {@link PropertySourcesPlaceholderConfigurer}.
+ *
  * @author Chris Beams
  * @author Juergen Hoeller
+ * @author Sam Brannen
  * @since 3.1
  */
 public class PropertySourcesPlaceholderConfigurerTests {
@@ -159,8 +167,11 @@ public class PropertySourcesPlaceholderConfigurerTests {
 
 		PropertySourcesPlaceholderConfigurer ppc = new PropertySourcesPlaceholderConfigurer();
 		//pc.setIgnoreUnresolvablePlaceholders(false); // the default
-		assertThatExceptionOfType(BeanDefinitionStoreException.class).isThrownBy(() ->
-				ppc.postProcessBeanFactory(bf));
+		assertThatExceptionOfType(BeanDefinitionStoreException.class)
+			.isThrownBy(() -> ppc.postProcessBeanFactory(bf))
+			.havingCause()
+				.isExactlyInstanceOf(IllegalArgumentException.class)
+				.withMessage("Could not resolve placeholder 'my.name' in value \"${my.name}\"");
 	}
 
 	@Test
@@ -177,6 +188,38 @@ public class PropertySourcesPlaceholderConfigurerTests {
 		assertThat(bf.getBean(TestBean.class).getName()).isEqualTo("${my.name}");
 	}
 
+	@Test
+	// https://github.com/spring-projects/spring-framework/issues/27947
+	public void ignoreUnresolvablePlaceholdersInAtValueAnnotation__falseIsDefault() {
+		MockPropertySource mockPropertySource = new MockPropertySource("test");
+		mockPropertySource.setProperty("my.key", "${enigma}");
+		@SuppressWarnings("resource")
+		AnnotationConfigApplicationContext context = new AnnotationConfigApplicationContext();
+		context.getEnvironment().getPropertySources().addLast(mockPropertySource);
+		context.register(IgnoreUnresolvablePlaceholdersFalseConfig.class);
+
+		assertThatExceptionOfType(BeanCreationException.class)
+			.isThrownBy(context::refresh)
+			.havingCause()
+				.isExactlyInstanceOf(IllegalArgumentException.class)
+				.withMessage("Could not resolve placeholder 'enigma' in value \"${enigma}\"");
+	}
+
+	@Test
+	// https://github.com/spring-projects/spring-framework/issues/27947
+	public void ignoreUnresolvablePlaceholdersInAtValueAnnotation_true() {
+		MockPropertySource mockPropertySource = new MockPropertySource("test");
+		mockPropertySource.setProperty("my.key", "${enigma}");
+		@SuppressWarnings("resource")
+		AnnotationConfigApplicationContext context = new AnnotationConfigApplicationContext();
+		context.getEnvironment().getPropertySources().addLast(mockPropertySource);
+		context.register(IgnoreUnresolvablePlaceholdersTrueConfig.class);
+		context.refresh();
+
+		IgnoreUnresolvablePlaceholdersTrueConfig config = context.getBean(IgnoreUnresolvablePlaceholdersTrueConfig.class);
+		assertThat(config.value).isEqualTo("${enigma}");
+	}
+
 	@Test
 	@SuppressWarnings("serial")
 	public void nestedUnresolvablePlaceholder() {
@@ -402,4 +445,30 @@ public class PropertySourcesPlaceholderConfigurerTests {
 		}
 	}
 
+	@Configuration
+	static class IgnoreUnresolvablePlaceholdersFalseConfig {
+
+		@Value("${my.key}")
+		String value;
+
+		@Bean
+		static PropertySourcesPlaceholderConfigurer pspc() {
+			return new PropertySourcesPlaceholderConfigurer();
+		}
+	}
+
+	@Configuration
+	static class IgnoreUnresolvablePlaceholdersTrueConfig {
+
+		@Value("${my.key}")
+		String value;
+
+		@Bean
+		static PropertySourcesPlaceholderConfigurer pspc() {
+			PropertySourcesPlaceholderConfigurer pspc = new PropertySourcesPlaceholderConfigurer();
+			pspc.setIgnoreUnresolvablePlaceholders(true);
+			return pspc;
+		}
+	}
+
 }