Many thanks for people's help. Sorry, Zvoni, couldn't see the "=" sign you meant.
I have made progress and do not understand why it now works. I went back to my original method, put in a few diagnostics and noticed that it was changing some of them, just not the copyright symbol. So, I added after "© ©" with another "© &test;" – which worked! So I deleted the first one and changed "test" to "copy" and that worked. So, the replacements memo looks exactly the same, but now works.
Could the original "©" have hidden codes that make it not work? Yes, its length now is 2, but it was 5. As simple as bad data sneaking in?