Sure as heck does -- I've got one hanging from my eaves at this very minute, about eight feet from where I'm sitting. Put it up for July 4th weekend, it rained all weekend and so I didn't put out my Betsy Ross (you're not supposed to put out a U.S. National in foul weather if you can avoid it, I read somewhere). I let the lightweight Bunker Hill poly-print carry the load this year. My cotton Continental Congress/"Grand Union" (so-called, inaccurately), if it got wet, would have been heavy enough to bend the aluminum bracket.
Experts would have to be summoned to check for original dye-colors, but there was more than one possibility in that general pattern. Butterscotch (color of the Electors of Hanover, which the Georges were) is one possibility, red's another.