You can use hexadecimal values ββin sed.
echo "Γ" | hexdump -C 00000000 c3 83 0a |...| 00000003
Well, this character is a combination of two bytes of "c3 83". Let replace it with one byte "A":
echo "Γ" |sed 's/\xc3\x83/A/g' A
Explanation: \ x indicates for sed that the following hex code.
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