Replace word in the middle of mysql field

In my database some of the GBP pound signs have a symbol infront like: £199.99 this was due to some encoding problem which I have fixed, but is there a way to edit all the current entries in the database with a sql query to remove the sign?
I though of doing

UPDATE dbname SET field1 = £ WHERE field1 LIKE "%£";

Code (markup):

but this will remove all of the text in the field and replace it with just £

Example of Text field:field1

120w X 5 Black £199.99 New Demo

Code (markup):

 

BACKUP....BACKUP....BACKUP....


UPDATE tablename SET tablefield = replace(tablefield,"findstring","replacestring");

Oh, and did I mention to backup first.

 

WOW, I didn't know you could do that! Sweet!

 

I should have added I tested this against MySql and it worked.

 

Thanks for sharing. I have got a general ideal about how to replace the character. I can slove the problem more quick if I encounter this problem.