This mix of Native American imagery and the peace symbol was designed for Flux of Pink Indians in 1981 by Exitstencil Press, Crass' in-house design firm founded by Penny Rimbaud and Gee Vaucher. I write "Native American" because, by inference and the time in which it was cast, likely "Indian" means "Native American" - although one never knows. So by what signifiers do we infer that these are two Indians? The "head-dresses" could just as easily be mohawks; are the raised knees part of a dance? They could just as easily be climbing the angles of the peace sign - which just as easily could be a teepee. The fringes might be frocks. Mssrs. Rimbaud and Vaucher maintain a stony silence on the matter - smoke signals notwithstanding.
Keep in mind that Derek Birkett, the bassist of Flux of Pink Indians, co-founded One Little Indian, the record label that last year signed Paul McCartney. Long and winding roads that intertwine are what make life worth living, ultimately.
Apropos of something, here's a nice piece on Clinton Riggs, the Tulsa PD captain who created the yield sign in 1950.