The coat of arms look good, I don't know anything about them to say more, but I like the way they look. Your characters are nice, you can really read a lot into their character by their faces/postures. The green guy's face looks girly, but maybe that was intended. The red guy looks old and a bit run down by his face, but nothing else reads that way. Find a way to match the arms to the face and that could really wrap up the character nicely.Good work.
Alright, so I like the characters you've made. Like Jeff said, though, there are a few little things you can do to really strengthen them. The green guy's pose is a little weird. I think it's just because his silhouette isn't reading quite right. If you had him facing the other way, so you could see both arms clearly, I think it would strengthen the pose. In addition to what Jeff said about the red guy's arms, I'd say try playing with shape more on the guy's beard. It's looking just a little saw-like. If you varied up the size of the beard's shapes it would get working, I think.
I'm liking the coats of arms! It's definitely looking like you did some research on heraldry and its aesthetic. Also, I like the lion face hilt on the green guy's sword, it's fun and unique.You have some fun ideas going on with the costume, but the characters feel very similar. Their face shapes and body proportions are almost identical (if you take off the wrinkles and beard). Unless they are supposed to be very closely related, you might consider doing another draft that experiments with their body/face sizes, shapes, and proportions and what you want to say with them
Quality work, especially on the crests. The costumes are good but they do feel a bit “standard medieval.” I wonder if you can push the costume designs a bit more. You might look at the costume designs made for Game of Thrones and the game Monster Hunter for some ideas.