There were different versions and some of them I can't find. I'll put here all the banners and heraldics of Mercs. All of them had their symbolism. I'll try to resurrect some info, though there will be mistakes as I can't recall all of this correctly. Nocti would be the most appropriate person to ask.
The first banner was native "3 swords on red-white background"
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loginIt looked cool and it symbolized the unity of power and 3 leaders: Oberyn, Gnjus and Olwen. This banner was used up to the times of specific clan flags (it was replaced by newer banners but the place was reserved exclusively for Mercs in all of the custom bannerpacks).
This is the banner which symbolizes the idea of Mercenaries. Colours are saved, and they're still red and white, scales added to symbolize fighting for money, wings added to symbolize impossibility to reach Mercs?
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loginAlso there was a logo like this (without Blood and Gold stripe?). It was used in signature
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loginAfter that there was a reworked banner with black background, armour and sallet got added. This version of the banner was used for more than a year I think.
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loginIn game it had a small resolution and golden wings.
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loginAfter a while there was a decision to change the banner. Most of the clan and I personally wanted the same banner but with a higher resolution. Someone suggested a skull (Nocti IIRC) from Mercenaries never die.
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loginAlso some clanmembers said that they didn't like high detailed banner and Burrick IIRC said that he hated golden wings. So I made a cartoonish version of a skull with all the symbolism of Mercs. There were different version but in the end we stopped at
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loginRed eyes symbolize blood, golden coin symbolizes money, swords symbolize skill and teamplay, skull symbolizes death, scratches and cracks symbolize fight.
I personally didn't like what we came to as skulls simply can't look cool if you draw them in heraldic way, they just look cartoonish like a rock group for children in 1980s. So I smashed the whole Nocti's brain speaking about new banner every day and asking to remake the old one. There were also a lot of different versions before we came to the final one but it is what we have now:
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