emax-nox displaying unicode chars incorrectly

[kamm]

I noticed that unicode chars weren't being displayed correctly in the emacs tutorial or in the emacs manual within a help buffer. So I extracted /usr/share/emacs.info.gz to a text file & tried displaying it in a bash shell and in an emacs shell buffer. In the terminal the first couple of lines are

$this->bbcode_second_pass_code('', '
This is emacs.info, produced by makeinfo version 5.2 from emacs.texi.

This is the ‘GNU Emacs Manual’, updated for Emacs version 24.5.

Copyright © 1985–1987, 1993–2015 Free Software Foundation, Inc.
')

but inside emacs shell it looks like
$this->bbcode_second_pass_code('', '
This is emacs.info, produced by makeinfo version 5.2 from emacs.texi.

This is the \u2018GNU Emacs Manual\u2019, updated for Emacs version 24.5.

Copyright \u00A9 1985\u20131987, 1993\u20132015 Free Software Foundation, Inc.')

I tried M-x revert-buffer-with-coding-system and specified utf-8 but that seems to have no effect.

Is there something I need to set in ~/.emacs or elsewhere, or is it a bug in this emacs?