Unless, of course, it's actually the two characters ^ and H.
... in which case -- staying with an all-UNIX solution -- you could convert the two characters ^ and H to the control-character ^H first 1: 
cat filename | sed 's!\^H!\x08!g' | col -b

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1 inserting non-ascii like \x08 might not work for all versions of sed

In reply to Re^2: ascii problem by crashtest
in thread ascii problem by kermit393

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