It is a nylon flag.
Midland Cooperatives Vintage 1970’s Red Oval Vinyl Coin Pouch 3 1/8″ x 2″ Stamped inside Made in USA Quikoin Used condition – Great – see photos
The bright red vinyl material and retro design make it a great addition to any collection. The pouch was created in the 1970s and is an original piece, not a reproduction.