The "1958 Peace Symbol" is well documented to have been designed by Gerald Holtom for the great european Nuclear Disarmament marches, based on the semaphore signals for "N" and "D."

There are almost no circumstances in which the symbol has been held to define "arms down" or "death and despair."

For more information on how the "upside down" peace symbol has been historically used by propagandists and other groups with agendas, see my answer to History: What are the different things an upside-down peace sign can mean?