Flag throwers from an adjacent town are easily distinguished by the colors and coats-of-arms of their flags.
In this image, they are presenting themselves to the crowd by holding their flags aloft.

In the background on the left, is a bronze equestrian statue of Cosimo di Medici made by Giambologna ,
and on the right, Ammanati's "Neptune" in the center of the Neptune Fountain next to the Palazzo Vecchio.