The reason for the 'cut out' in the flag was because originally their state flag had that cut and then in 1944 it became a normal rectangle like almost every other flag. The date is their Independence Day and why did I do this in March? I don't know. The first is all color and the second is grayscale. The letter in their hand has the danish flag on it, it's the letter of congratulations of their independence, even though it was Denmark that Iceland was becoming independent from.
I forgot to add my watermark so please do not steal or repost my art