Quote Originally Posted by Ironside
The inverted V-sign is an insult and much older than the victory V-sign AFAIK. Highlighted the wrong word
Indeed... It is meant to represent a special part of the female anatomy, just like the 'bird' is meant to represent a finger in close proximity to said anatomy.

And then there is the much older yeoman twofinger insult to the French (though it was more similar to the boyscout salute).