Victory's current figurehead is a faithful replica of that which was fitted during the ship's 'large repair' undertaken between 1801 and 1803 carved in 1801 by George Williams at a cost of £50. A 1/4 size replica of the original elaborate 1765 figurehead can be seen in the Victory Gallery at the Royal Naval Museum opposite the ship.

The design comprises two cupids supporting the royal coat of arms surmounted with the royal crown. The arms bear the Norman French inscription of the Order of the Garter: Honi Soit Qui Mal Y Pense. Translated this means: Shame to him who evil thinks. At the time of George III, the royal coat of arms still included the escutcheon of Hanover. This is clearly evident by the white horse and Hanoverian crown at the centre. Each cupid wears a coloured sash: the starboard figure, blue; the port figure, red. These colours indicate that the two figures represent a Seraphim (red), and a Cherubim (blue).

We know from Midshipman River's personal report of the Battle of Trafalgar that the starboard figure had its leg shot away, and the port figure, its arm.

A Seraphim, relates to the highest order of angels representing love of God.