How do I sort this out? Maybe I could run the variable through something in PHP before inserting it to convert it into &#; format, but I'm not sure what.

Code:
Query:
INSERT INTO satellites (`orb_pos`, `sat_name`) 
VALUES (-780, 'Simón Bolívar') 
ON DUPLICATE KEY UPDATE `updated` = NOW()

Error: 
Incorrect string value: '\xF3n Bol...' for column 'sat_name' at row 1

Here is my create statement:
Code:
CREATE TABLE IF NOT EXISTS `satellites` (
  `orb_pos` smallint(11) NOT NULL,
  `sat_name` varchar(255) COLLATE latin1_bin DEFAULT NULL,
  `updated` timestamp NOT NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`orb_pos`)
) ENGINE=InnoDB DEFAULT CHARSET=latin1 COLLATE=latin1_bin;