Update November 6:
The Post and Courier reports the flag is coming home, but the journey won't be cheap. Read about it over here.
A red 7-by-10-foot flag has been uncovered by the State Historical Society of Iowa, and after some testing, historians are confidant that this is the Citadel's original "Big Red."
The Post and Courier has the tale of the flag, how it came to be uncovered, and how the heck it wound up in Iowa; read it here.
Also interesting is that the Web page documenting the "unknown flag" had been sitting on the societies Web site since at least early August.