If letters are used for N, it evaluates to zero and returns $hget(hashtable, 0).data, rather than return $null or throwing an error.
The same is true of virtually all of mIRC's identifiers - bad input reverts to default parameters or 0. I doubt it's a bug but rather by design. Whether that's a good thing is another matter, but if each identifier with this behaviour gets reported as a bug separately there's gonna be a lot of reading to do on this forum.
Actually this will only happen (but perhaps doesn't in all cases) for identifer parameters that only accept numbers... So an identifer like $chan(#chan) / $chan(1) would not have the problem...
It has an aspect of $calc bug I suppose, $calc has other problems though.