Cryptic crossword clue
What’s odd on flag and on old banner 8

The most common and most likely answer to this crossword clue is the 8 letter word GONFALON

I've seen this crossword clue in The Guardian
G
O
N
F
A
L
O
N

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The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
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What does GONFALON mean?

GONFALON noun
  1. A standard or ensign, consisting of a pole with a crosspiece from which a banner is suspended, especially as used in church processions, but also for civic and military display.

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