diff --git a/alembic/runtime/migration.py b/alembic/runtime/migration.py
index 3fccf22a..31e03d0c 100644
--- a/alembic/runtime/migration.py
+++ b/alembic/runtime/migration.py
@@ -639,9 +639,11 @@ def run_migrations(self, **kw: Any) -> None:
                         run_args=kw,
                     )
 
-        if self.as_sql and not head_maintainer.heads:
-            assert self.connection is not None
-            self._version.drop(self.connection)
+        # NOTE: offline ("--sql") mode intentionally does not emit a DROP
+        # of the version table when ending at base.  Online mode never drops
+        # the version table (e.g. ``downgrade base`` only deletes its rows),
+        # so dropping it in offline mode only was an inconsistency present
+        # since the version table was first introduced.  See #1822.
 
     def _in_connection_transaction(self) -> bool:
         try:
diff --git a/docs/build/unreleased/1822.rst b/docs/build/unreleased/1822.rst
new file mode 100644
index 00000000..f0f598b0
--- /dev/null
+++ b/docs/build/unreleased/1822.rst
@@ -0,0 +1,10 @@
+.. change::
+    :tags: bug, commands
+    :tickets: 1822
+
+    Fixed inconsistency where running ``stamp`` or ``downgrade`` to ``base``
+    in offline (``--sql``) mode would emit a ``DROP TABLE alembic_version``
+    statement, while the same operations in online mode never drop the version
+    table.  Offline mode no longer emits this ``DROP``, matching online
+    behavior.  The version table continues to be created when it does not
+    exist; only the spurious offline-only drop has been removed.
diff --git a/tests/test_command.py b/tests/test_command.py
index 391a19d0..96427b5c 100644
--- a/tests/test_command.py
+++ b/tests/test_command.py
@@ -988,7 +988,7 @@ def test_version_to_none(self):
             command.downgrade(self.cfg, "%s:base" % self.c, sql=True)
         assert "CREATE TABLE alembic_version" not in buf.getvalue()
         assert "INSERT INTO alembic_version" not in buf.getvalue()
-        assert "DROP TABLE alembic_version" in buf.getvalue()
+        assert "DROP TABLE alembic_version" not in buf.getvalue()
         assert "DROP STEP 3" in buf.getvalue()
         assert "DROP STEP 2" in buf.getvalue()
         assert "DROP STEP 1" in buf.getvalue()
@@ -1047,6 +1047,13 @@ def test_sql_stamp_revision_as_kw(self):
             in buf.getvalue()
         )
 
+    def test_sql_stamp_to_base_no_drop(self):
+        # stamping to "base" in offline mode must not emit a DROP of the
+        # version table; online mode never drops it.  See #1822.
+        with capture_context_buffer() as buf:
+            command.stamp(self.cfg, "base", sql=True)
+        assert "DROP TABLE alembic_version" not in buf.getvalue()
+
     def test_stamp_argparser_single_rev(self):
         cmd = config.CommandLine()
         options = cmd.parser.parse_args(["stamp", self.c, "--sql"])