The Morse Code Flag for the letter V has three stars, one stripe, and an orange background. Morse Code Flags have the DOTS and DASHES coded to Stars and Stripes. Thus this flag when read downwards reads the letter V in code. It has an orange background because V is the 22nd letter in the alphabet. The number 2 is coded to orange.
Coincidentally the Morse Code V flag is nearly a perfect invert of the Morse Code B Flag, the stars are below on B while above on V. How strange? This closeness is also reflected in the keyboard, whereby V and B are next to each other, and often lead to typos. Additionally many non-native speakers of English easily get these two sounds confused. And even if you are a native English speaker, the first time one speaks to new individual who says V or B, it is very easy to confuse.