Do we have the dimensions of this item?... Appears to be smaller than the typical guidon flag...
Does not appear to be anything familiar with Civil War era related insignias that I've ever seen before.
Some of the stitching appears to be done with a lock stitch sewing machine which would imply it has some age, but just how old... The center device appears to be hand sewn in place.... Lance pennants typically would have three ties on it... this item appears to have a pole sleeve made into it... Might not be US in origin either, hence further the mystery...
Unfortunately there were endless array of various small ambiguous curio flags, banners and pennants in use around turn of the century... flank markers, unit identifiers, camp flags, warning flags.... yet many others not military related at all.... corporate insignia logos, colleges, sports teams, boat clubs, to further confuse....