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The phrase has been popular online since the early-to-mid-2000s, with some of the earliest examples of it used in Demotivational Posters. For example, on September 11th, 2006, Something Awful user Tekky “Jumpman16” Andrew-Jaja posted a meme collection including a Demotivational Poster with a screenshot of Arthur cutting the knight’s arm off (shown below).
On December 24th, 2007, eBaum’s World user gravitytank posted a similar demotivational poster, garnering over 900 views in 14 years (shown below).
On February 22nd, 2008, cartoonist Gary Brookins made a comic strip about a democratic debate between Barack Obama and Hillary Clinton featuring the phrase and imagery from the film (shown below, left). On May 14th, Free Republic user pineapple posted a similar meme imagining Obama and Clinton in these roles, highlighting Clinton’s refusal to give up (shown below, right).
The phrase, as well as “‘Tis But A Scratch,” are also used on their own as a catchphrase, often as a final comment similar to True Story or in reaction to various content. Users often attach it to images that somewhat resemble the scene, showing people taking damage but seeming to act unscathed, or ironically in general reference to it (examples shown below, left and right).
One of the most popular images associated with the phrase shows The Black Knight without one arm, bleeding (shown below). The TV Tropes entry for “Only a Flesh Wound” describes the trope of characters going on seemingly unharmed after non-lethal yet serious injuries.
Over 40 years after its release, the scene remains a popular point of reference online.
On August 21st, 2018, YouTuber big boss posted an edit of the scene to make it look like a Fallout: New Vegas interaction, garnering over 1.6 million views in three years (shown below).
Source: https://knowyourmeme.com/memes/just-a-flesh-wound