Error saving organization: Name must not contain the '|' character

Issue Symptoms 

When I am creating an organization, I receive the following error: 

Resolution Steps 

You can't use the "vertical bar" (|) character in the names of Organizations. The pipe character is used in the Bulk importing users feature to associate users with multiple organizations.

A similar error is displayed when you try to save a Sandbox in which the MorgWard account contains this character (see Failed to create sandbox: Name must not contain the "|" character for more information).