@mrmikel: what you're seeing is probably the result of a document that originally may have misrepresented itself with regard to its own character encoding. I've often seen characters that editors can't translate (using the DOCTYPE or meta-tag charset declarations indicated) represented as the "Â" (Capital A with Circumflex) character (which is what 194 is). Either that or the Capital A with Acute character (Á). Although either of those characters should be viewable in Sigil -- in Book View or in Code View. It's altogether possible that the Circumflex Capital A character can't be represented with the default fonts in the ePub rendering software/device, though.
I tend to use the EditPad Lite editor -- specifically because it allows me to easily
interpret the original document as if it were encoded with a different character set. It allows me to fix potentially wrong DOCTYPE and/or meta-tag charset declarations, so I can make sure I'm dealing with valid utf-8/16
before opening the document with Sigil. Plus its regex F&R engine just kicks ass.