The Fairy Flag was examined in the early 20th century by the Victoria and Albert Museum, who concluded that the silk was woven in either Syria or Rhodes, and the darns were made in the Near East. It was their opinion that the flag, in its original state, would have been quite precious, possibly a relic like the shirt of a saint. That it may have been acquired at the time of the Crusades 11th century, but other dating suggests earlier than that, 4th or 5th century. In any case it's an interesting relic. With lots of stories to go with it.