What steps will reproduce the problem?

Start a fresh vim instance with no .vimrc (vim -u NONE).

This is exactly what I do (# are just for explanation):

iI like chips and fish.<Esc>  # Insert text. Realize I want to switch the words
Fc                            # Jump back to 'chips'
de                            # Delete the word (and put it in anon register)
ff                            # Jump to the 'fish' word
vep                           # Select the word, and paste from anon register

# Now print the change list:
:changes
    change line  col text
        2     1   12 I like  and chips.
        1     2   12 -invalid-
    >

The -invalid- on line 2 is unexpected. Never got to write on line 2.

On MacVim 5.3 it's reported to work as expected:
:changes
    change line  col text
    >   0     1   16 I like fish and chips.


Im using Vim 7.4.52 on Ubuntu 14.04

You can read more details here: 
http://stackoverflow.com/questions/26927016/vim-change-list-behaviour