The flag was supposed to have turned up in 1921. A sketch of it was made on a post card which also included the name of the person who owned the flag at the time. The postcard was sent to William O. Taylor, who as a private, had served at the Battle of the Little Big Horn. This item from Taylor's collection found its way into the collection of a private Museum called the Custer Battlefield Museum in Garryowen, MT. As I understand it, this enterprise has failed and the owner is seeking a buyer who will keep the collection together.
The postcard without the actual flag is interesting, but isn't of much use. Someone else was looking into the story by trying to find the family of the 1921 owner and reviewing Paxson's papers. Nothing has been published.
While I think that it was very possible the there was a yellow flag at Custer's Last Stand and that it was lost, I have never put forward that idea as anything more than a theory or idea worth investigating. I have also tried to make it clear that if the lost flag was yellow, it could not have been a regulation regimental standard.
What would be the response by experts if such a flag was to turn up today? It is all too clear that the response would be to laugh it off as Mrs Custer's yellow panties. What would the reponse have been if the flag had been found in 1951, "It's yellow and besides Col Graham has assured us that the flag was with the pack train."
In fact there are 2 original sources that have a yellow flag with the regiment. I have found no original sources that state the regimental standard was with the pack train. Which of the 2 ideas has found a secure place in history?
My equipement and computer skills are not such that I can post photographs. If you contact me at levelpuddle039@aol.com with a name or place of business and an address, I will send photocopies of the photo of Custer and his Osage scouts and the Wes Eban article about the 1921 flag.