Today, we did the herald quest ending with the Renegade Aiel. I dropped the pristine banner and Alaina, doing herald for the first time, immediately got it and gave it back to me. We got awarded the standard 2qps anyways, which I was glad about, but I had the banner in my inventory. I gave the banner to a guard in Tar Valon, to get rid of it safely. But I suppose this could be abused, if someone kept dropping and getting the banner back.