Odd "which" behaviour - not finding shell script

[Jonathan Matthews <jaycee.removeifnotspam@jaycee.uklinux.net>]

Here's a transcript from a shell session.

Can anyone explain why the "which" line doesn't find the script
when both tab-completion and running it do?

jaycee@bigdaddy:~$ echo $PATH
~/bin:/usr/local/bin:/usr/bin:/bin:/usr/bin/X11:/usr/games
jaycee@bigdaddy:~$ ls ~/bin
firewall-up.ipchains  jc.disconnect  jc.mail.newplan     oggbitrateaverage  x
firewall-up.iptables  jc.getwww      jc.ssh-agent-start  old
jc.background         jc.hdparm      jc.template         run.and.log
jc.connect            jc.mail        ogg2cd              run.on.kanyon
jaycee@bigdaddy:~$ ls -l ~/bin/ogg2cd
-rwxr-xr-x    1 jaycee   jaycee        114 2003-02-21 17:04 /home/jaycee/bin/ogg2cd
jaycee@bigdaddy:~$ which ogg2cd
jaycee@bigdaddy:~$ #GRRRRRR

According to which's manpage, it examines all the directories in
$PATH, and doesn't reply on a previously generated index.

So - what gives?

TIA,
   jc

-- 
$ cat .me/contactdetails/home
 [listmail - contact removed]
$ cat .me/contactdetails/work
 [listmail - contact removed]