2013/2/13 John Brown <johnbrown105@hotmail.com>
I do not think that they look similar at all, even as text in my email.

I set the font to Lucida Console 24pt in MSYS and Notepad. Please see the
results as I see them in the attached PNG files msys.png and notepad.png

I was thinking that the bytes were being converted to a closer equivalent due to the font not being able to display the original character. However, I don't think percent is a good replacement for permille, and maybe a question mark or something is just always better than anything else for these cases.

Besides that, I get what's in your screenshot here too, the same font leads to pretty different results. I think the reason why you see " ‰TOTAL Œ¸‚.23" in text editor and " %TOTAL O¸'.23" in command prompt is rather because in the latter the bytes are being converted from Windows-1252/Latin1 to CP850 (even though iconv -f latin1 -t cp850 does not print the exact same output). The following commands should make cat's output look the same as the file contents in the text editors:

2013/2/13 John Brown <johnbrown105@hotmail.com>
Now I am investigating the difference between Notepad and MSYS output. They should be the same if they are using the same encoding, but they are not.

If you run the command below, you should be able to see exactly the same output from cat as you see from the text editors. Without it, even though you are printing the same bytes (that we're assuming here as latin1/cp1252), you are printing it to the Windows console which has a different encoding set (cp850 here), and hence your bytes are mistook for cp850 data when they actually are not.

$ cmd //c chcp 1252
$ cat yourfile
  ‰TOTAL Œ¸‚.23