The symbol in the International Phonetic Alphabet that represents this sound is ⟨ʌ⟩, graphically a rotated lowercase "v" (called a turned V but created as a small-capital ⟨ᴀ⟩ without the crossbar, even though some vendors display it as a real turned v).
Both the symbol and the sound are commonly referred to as a "wedge", "caret" or "hat".
Before World War II, the /ʌ/ of Received Pronunciation was phonetically close to a back vowel [ʌ], which has since shifted forward towards [ɐ] (a near-open central unrounded vowel).
Daniel Jones reported his speech (southern British) as having an advanced back vowel [ʌ̟] between his central /ə/ and back /ɔ/; however, he also reported that other southern speakers had a lower and even more advanced vowel that approached cardinal [a].
[36] In American English varieties, such as in the West, the Midwest, and the urban South, the typical phonetic realization of the phoneme /ʌ/ is an open-mid central [ɜ].