C2 in ISO 8859-1 is ””. U+0092 is the control code Private Use 2 in Unicode, and 92 is the same in ISO 8859-1. However, the standard Western Windows code page 1252 extends ISO 8859-1 by assigning “’” (right single quotation mark) to 92.

HTML5/WHATWG requires an ISO 8859-1 charset declaration to be interpreted as Windows-1252 (https://blog.whatwg.org/the-road-to-html-5-character-encodin...), hence the displayed result is “Â’”.

The original Windows-1252 content must have previously been converted to UTF-8 under the assumption that the source is ISO 8859-1, i.e. mapping 92 to U+0092 (Private Use 2) instead of to U+2019 (Right Single Quotation Mark). The resulting UTF-8 encoding was placed in the web page, which however is declared as ISO 8859-1.