The first banner loaded in a player's hand at any given time will be shown for all banners of the same type loaded at that time

When one player holds a banner, all banners of the same type (e.g. blue banner) show as the original banner whilst being held. For example, player 1 creates a blue banner and dyes it. Player 2 then creates a blue banner but does not dye it. While in hand, they both show as player 1's banner, but are different once placed.