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Default Unwanted single quote displayed in Formula bar

Cell A5 contains the text word TEST

Cell C5 contains the formula =IF(MID(A5,LEN(A5),1)="q",A5&"ue","")

The result is a "blank" or a "" type of cell content since the result is
FALSE.

Now if I select this cell and copy it and then PASTE/Special into the same
C5 position I get a single quote ' to appear on the formula bar but not in
the cell when C5 is selected.
Placing the formula = code(C5) into cell D5 gives #VALUE!
Does anyone have an explanation as to what might be going on here?


 
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