I can't be sure, but to me it looks like it says Cherokee Braves, or at least part of that inscription is visible. Very interesting, because it looks similar to another Cherokee Braves flag that I came across that was for sale back in the spring (and that flag was also strange since I believe the original is in a museum). I mentioned the flag I saw and showed a picture to someone (it may have been on this board), and I think the response I got was that it looked close to one of the fakes coming out of the Bristol VA area some years ago (if I remember the info correctly).

Josh Bucchioni