I got this one idea for multiplayer war type things, anyway,
Flag
Crafted with 5x Silk, 3x Iron/Lead Bars @ A Workbench
Color changes depending on team
It will display when held, put in a helmet vanity slot, or placed
Fire Flag
Crafted with x1 Flame Dye, x1 Flag @ A Dye Vat
Frostfire Flag...