The flag is one of the tallest weapons in the game in its unsheathed form, about 1.75x the player's height.
Previously, players could not rest while having the flag equipped. The characters wielding it also displayed old movement animations. This was later changed in an update.
The flag used to cost 6000 Pieces of Eight, but the price was lowered with the personalized shops update to 600 Pieces of Eight. Previously a rare sight, requiring over 20 hours in-game to earn but now earnable in a mere 6 games, the flag's rarity and vanity value have diminished.
Near the release of Trouble Brewing, the flag (other flags too, possibly) had a glitch where the player's default clothing showed through his armour when the flag was wielded. This was fixed several weeks afterwards.