According to hexdump, the symbol is 0xc2 + 0xb1. I cannot find it in the unicode tables,
I found various hints that Gnu SED will recognize unicode, but no concrete examples.
Regardless, this works: (I put the 2 sample lines into a file named "hex")
[mherring@mystical play]$ more hex
[mherring@mystical play]$ sed 's/\xc2\xb1/here/' hex