[TheConservator]

The main set of letters cannot stand for a Latin phrase, as Latin does not distinguish between U and V.

[BradyLS]

Excellent point.

[SedVictaCatoni]

The main set of letters cannot stand for a Latin phrase, as Latin does not distinguish between U and V.

It might in medieval Latin, which had both U and V.

(Pointless extraneous note: it also had both I and J, which is why that scene in Indiana Jones and the Last Crusade is silly.)