Early BASICs didn't compile a program before interpreting it. The interpreter read the code as written and executed it step-by-step. There was some tokenization; keywords were turned into single or double bytes and that was literally done when you pressed enter on the keyboard. Your source code was these actual tokenized bytes. On the Commodore 64, you could type the tokenized versions of keywords instead of the full keyword as a shortcut. Even numbers were not transformed into bytes ahead of time.

This was used to save memory -- there wasn't much room to hold both the source code and an intermediate form. But also it wasn't that necessary, with the keywords tokenized and the syntax so simple that there wouldn't have been much savings in space or performance.