Gouvernement Princier de Monaco
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Monegasque flag

Chosen by Prince Charles III in 1881, the national banner recalls the colours of the Grimaldi coat of arms, which themselves recall the red and white colours of the heraldry of the Genoese Republic, the cradle of the Prince’s Family. A poetic interpretation may take from the flag that it is a representation of the blood of Saint Devota, 4th century martyr and the Principality’s patron saint.

http://en.gouv.mc/Government-Institutions/History-and-Heritage/Symbols/Monegasque-flag