AFAIK,the symbol means "A-OKAY" as in "everything is fine,and was originated,or at least popularized on the old "Our Gang" child comedy by none other than "Buckwheat",pronounced "Buhweet" who happened to be a black child star in a cast full of white children in the 30's.
I guess "Buhweet" was a racist that hated blacks,so that's why he hung out with white boys?