The original flag, carried during the War of Independence by Psariot ships,[4] was made of white cloth bordered with red.

On either side of the Filiki Eteria symbols, in red capital letters, were the words ΕΛΕΥΘΕΡΙΑ Η ΘΑΝΑΤΟΣ (FREEDOM OR DEATH) and in some cases, the island's name, spelled ΨΑ–ΡΑ or ΨΑΡ–ΡΑ.

[9][13] The islanders' sole source of livelihood has always been fishing, mainly for the locally abundant slipper lobsters, and shipping, with some tourist development in recent years.

Between the 14th and second half of the 15th century,[14] a small group of Albanians settled on the island and developed an Arvanite community, but it was quickly assimilated into the local Greek population.

[15][16][17][18] In the 16th century, under the Ottoman rule, the Psariots who had previously left, returned to their homeland along with other settlers and established a settlement around the Palaiokastro fort which they repaired.

Future Prime Minister Konstantinos Kanaris, Dimitrios Papanikolis, Andreas Pipinos and Nikolis Apostolis distinguished themselves as naval leaders, using fire ships to combat the more powerful Ottoman Navy.

The resistance of the Psariots ended the next day with a last stand at the town's old fort of Palaiokastro (alternative name Mavri Rachi, literally "black ridge").

The refugees first threw a white flag[21] with the words "Ἐλευθερία ἤ Θάνατος" ("Eleftheria i Thanatos", "Freedom or Death").

Then, the moment the Turks entered the fort, the local Antonios Vratsanos lit a fuse to the gunpowder stock, in an explosion that killed the town's inhabitants along with their enemies — thus remaining faithful to their flag to their death.