The article refutes the popular historiographic point of view that the Archangel Michael was depicted a horse on the first emblem of Arkhangelsk and on the banner of the Arkhangelsk regiment of 1712. Actually Bellerophon was depicted on the banner. The Archangel Michael appeared on Arkhangelsk emblem later. Author’s conclusions are based on the emblem design features and its origin which is common for the majority of banners emblems of the first third of the 18th century. Also the author explores the history and origin of the plot about Bellerophon.