Find doesn't work w/ merged cells

I think I've come across an undocumented bug in the FIND method. I cannot locate any mention of it in documentation or online. Can anyone confirm or tell me what I'm doing wrong?

Say your sheet has only one instance of "Key" and it's in a cell that's merged across multiple Rows (multiple Columns doesn't matter). If that cell is selected, then Find("Key") will fail, i.e., it won't return the selected cell and instead thinks that "Key" cannot be found anywhere on the sheet.

I had no problem finding in merged rows, columns, or rows and columns.

But merging cells is still very bad practice.

I'm using 2003. What version did you test this with? It seems pretty clear that this is not working for me.

I have 2003 and 2007, and was using 2003.

Okay, sanity check for me. This is what I'm doing to test.

Open a new workbook.
Type "Key" into A:1
Merge A:1 and A:2
Select A:1 (if not already active)
Control-F, Find "Key"

Find Next gives the error message "Excel cannot find the data you're searching for."

And to my understanding, this is equivalent to

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Check the settings for Find, under Options. Perhaps you have match case or something ticked.

Test code for this alleged bug w/ all Find options made explicit.

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Still doesn't work.

Select a cell outside the merge area and try again.