Dynamic content placeholder in email is not replaced

Hi,

I created an email in code mode. In this mode the dynamic content objects have to be created outside the editor. I created a new dynamic content, switched to the editor and put the placeholder directly into the HTML code:

{dynamiccontent="Dynamic Content 2"}

When the email is delivered, this placeholder is not replaced by the according values. It stays as is in the email source. Strange thing is, in the email preview it is replaced by the correct value.

Any idea what I am doing wrong?

Best, Peter