true.
If false, escape characters and package prefixes are not output when an expression is printed.
If true, an attempt is made to print an expression in such a way that it can be read again to produce an equal expression. (This is only a guideline; not a requirement. See *print-readably*.)
For more specific details of how the value of *print-escape* affects the printing of certain types, see Default Print-Object Methods.
(let ((*print-escape* t)) (write #\a))
|> #\a
⇒ #\a
(let ((*print-escape* nil)) (write #\a))
|> a
⇒ #\a
princ effectively binds *print-escape* to false. prin1 effectively binds *print-escape* to true.