Purpose of a 'mystery key' on IBM PC 3270 keyboard
superuser.com
superuser.com
I'm not that old (30) and was taught all the standard proofreading marks in elementary school. Is this no longer common knowledge?
The person who designed the keycap probably had to cobble it together from a set of standard characters/symbols. If they'd used a more freehand representation, like the one shown on the 6110344 layout further down the page, it would have been immediately obvious.
The caret above the "a" means insert. The a with the looped line through it means delete.