The peace sign is constructed of the semaphores representing "N" and "D" for Nuclear Disarmament. It was designed as a symbol for the Ban the Bomb movement initiated by the UK's Campaign for Nuclear Disarmament back in the 1950s. Later, during the Vietnam anti-war movement, it would become a hippie symbol for general peace, pacifism and peaceful coexistence.
This is a freehand edition of the peace sign, with the caption "Peace" just for emphasis and the edition of some bold primary colors, red, green blue and yellow.