The unique design of black, aquamarine, and gold was first unfurled in April 1973, just 3 months prior to the nation’s independence.
It was the result of a compilation of ideas from a large and varied creative pool made up entirely of Bahamians. Each colour represents something Bahamian:
Black for the strength and unity of Bahamians - shaped in a forward-pointing triangle to represent determination
Aquamarine for the beautiful Bahamian Seas
Gold for the land and sun.
Tonique Williams-Darling carries the Bahamian Flag after winning 400m gold at the 2004 Olympics
Bahamas Courtesy Flag

While not actually a legal requirement, if you're cruising or sailing through Bahamian waters, its always a good idea to fly the flag of the Bahamas Merchant Marine - the courtesy flag.
For one thing, it may get you through customs a little quicker and its appreciated by Bahamians.