Arms : Gules, a cross formée Or between a pillar in the first quarter, a woolpack in the second , an open book in the third, all argent, and in the fourth a padlock of the second.
Crest : On a wreath of the colours, In front of a beacon sable, fired proper, two keys in saltire, wards upwards, Or.
Motto: Out of darkness cometh light
The arms were officially granted on December 31, 1898.
Wolverhampton was incorporated as a Borough in 1848 and was granted arms in 1898 to celebrate fifty years as a Borough.
Wolverhampton was founded in 985 AD by St. Wulfrun, sister of King Edgar, and she is represented by the cross. Around this are arranged are a woolpack recalling the old woollen trade, a representation of the town's Saxon pillar stone, an open book for the old grammar school and a padlock for the lock industry.
The crest has a black beacon which stands for the Black Country of which Wolverhampton forms part. The crossed keys are the symbol of Saint Peter, patron saint of the town.
The arms as used on a JaJa postcard +/- 1905
The arms in the Coffee Hag albums +/- 1925
The arms as used on a Faulkner postcard +/- 1905
The arms in the city (image from Reddit)