This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. The word that U+262D forms with similar adjacent characters prevents a line break inside it.
The Wikipedia has the following information about this codepoint:
The hammer and sickle (Unicode: U+262D☭ ) is a communist symbol representing proletarian solidarity between agricultural and industrial workers. It was first adopted during the Russian Revolution at the end of World War I, the hammer representing workers and the sickle representing the peasants.
After World War I (from which Russia withdrew in 1917) and the Russian Civil War, the hammer and sickle became more widely used as a symbol for labor within the Soviet Union (USSR) and for international proletarian unity. It was taken up by many communist movements around the world, some with local variations. The hammer and sickle remains commonplace in self-declared socialist states, such as China, Cuba, North Korea, Laos, and Vietnam, but also some former Soviet republics following the dissolution of the Soviet Union, such as Belarus and Russia. Some countries have imposed bans on communist symbols, where the display of hammer and sickle is prohibited.