The red-white-yellow tricolor flag was established by Charles I with the aim to represent the whole of his dominions, so combining the colours of Austria, Castile and Aragon. Such design didn't consolidate as the Spanish Empire flag though, displaced by the Burgundy cross. However, it experienced some success in Southern Netherlands (where it was adopted as own) and the Spanish Main; as a matter of fact, it inspired some first independence flags two centuries later. The eagle of this particular design is that of Bogotá coat of arms.
Sources: Anonymous manuscript from 1670, reprinted in Amsterdam 1966 as «Flags of the World 1669-1670» | Flags of The World (FOTW) website:Galleons' Ensign c.1520-c.1701 | José L. Calvo Pérez & Luis Grávalos González, «Banderas de España», Madrid 1983
Sizes: ensign W12 x L18 mm, mast flags W8 x L12 mm, jack W6 x L9 mm, pennant W4 x L48 mm.