Technical Considerations
The Unicode Standard states:
U+2116 NUMERO SIGN is provided both for Cyrillic use, where it looks like, and for compatibility with Asian standards, where it looks like . …Instead of using a special symbol, French practice is to use an "N" or an "n", according to context, followed by a superscript small letter "o" (No or no; plural Nos or nos). Legacy data encoded in ISO/IEC 8859-1 (Latin-1) or other 8-bit character sets may also have represented the numero sign by a sequence of "N" followed by the degree sign (U+00B0 degree sign). Implementations working with legacy data should be aware of such alternative representations for the numero sign when converting data.
Read more about this topic: Numero Sign
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—E.B. (Elwyn Brooks)