The string you posted is six character long: $1�2 (dollar sign, digit one, lowercase i with diaeresis, upside-down question mark, one half fraction, digit two)
If strlen() was called with a UTF-8 representation of that string, you would get a result of nine (probably, though there are multiple representations with different lengths).
However, if we were to store that string as ISO 8859-1 or CP1252 we would have a six byte long sequence that would be legal as UTF-8. Reinterpreting those 6 bytes as UTF-8 would then result in 4 characters: $1�2 (dollar sign, digit one, Unicode Replacement Character, digit 2). That is, the UTF-8 encoding of the single character '�' is identical to the ISO-8859-1 encoding of the three characters "�".
The replacement character often gets inserted when a UTF-8 decoder reads data that's not valid UTF-8 data.
It appears that the original string was processed through multiple layers of misinterpretation; by the use of a UTF-8 decoder on non-UTF-8 data (producing $1�2), and then by whatever you used to analyze that data (producing $1�2).