Ronjo has one on the market but requires a change bag. For $35, it looks pretty nice, however.
Description: A very patriotic silk effect...Three silks, red, white and blue are shown to the audience. Explain that youll transform the silks into an American flag. You place the silks into a bag, but accidentally drop the blue one. Its too late! Pull out the flag, and there it is...missing the stars and the blue. Next, you put the stripes in, along with the blue and invisible stars...out comes the flag, but this time everythings reversed! The stripes are blue and white, and the field with the stars is red! The kids howl! Finally, put the reversed flag in, shout the magic words, and out comes the American flag!
The Mis Made Flag comes with 3 silk flags measuring 13 x 20., 3 silks measuring 13 1/2", and two different routines. Use your own change bag.
See illustrated ad at http://www.ronjo.com/magic/MA02270.html
While this is not normally my cup of tea, I did enjoy a presentation of it at Magi-Fest this year by redcoat Ron Spangler's daughter.