Unpredictable results using change command

I am getting unpredictable results when I use the change command:  c p'^' 1 6 '' all.  (No space between the single quotes).  However, I get expected results with: c p'^' 1 6 ' ' all.  (A space between the single quotes.)  I am using the logical not sign instead of the ^ .  (I wanted to learn how to change the keyboard character definition).  For example, I am running an assembler to assemble a program and want to edit the output for later use.  When I use the single space between the single quotes, I get 6 blanks.  Expected.  However, when I use no space between the single quotes, more than 6 characters are eliminated.  I know I've used a similar command in the past.  I have attached output.  prog03ax.p02 is original output.  I've included "original" on the first line.  prog03ax.p03 is output using ' ' with results on first line.  prog03ax.p04 is output using '' with results on first line.  If you need more information, I'll provide it.  Thx.