This is such a popular project and can be done in so many ways. I have provided two ways to do this project--one for an older grade, with discussion on the War of the Roses to follow (as well as a fun incentive of dueling the teacher after the debate); and the other for a younger grade.
The older grade can expand this to discuss language, by creating mottos in other languages, like Latin, and learning how to write with calligraphy.
Both grades can focus on the importance of symbolism and colors, and the dueling is something fun that the kids enjoy--any reason to beat up the teacher! :-)