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This vintage appetizer was invented back in the 1950s or 60s and was popularized by Hellmann's mayonnaise brand. Originally named "red flag cheese and rye" it sometimes had pimentos instead of olives hence the "red flag" name.
I have adapted this modern version from recipe at Taste of Home. It is a simple but crowd pleasing appetizer that will take you back to days gone by. Feel free to make it your own by changing out cheese, meat or the "flags" (olives). Next time I am going to try some sort of hot sausage instead of the bacon for a bit more kick.
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Ingredients Method

Ingredients
  

  • 2 cups shredded Gruyère cheese
  • 1 cup mayonnaise
  • 1 can (4-1/4 ounces) chopped ripe black olives (I used Kalamata), about 1 cup
  • 8 bacon strips cooked and crumbled (about 1/2 cup)
  • 1/4 cup chopped green onions
  • 1 1/2 tsp minced fresh parsley or 1/2 tsp dried parsley flakes
  • 1/4 tsp red pepper flakes (optional)
  • 30-40 slices snack rye bread

Method
 

  1. Preheat oven to 450°.
    In a small bowl, combine the first seven ingredients. Spread a rounded tablespoonful over each slice of bread.
    Place on an ungreased baking sheet fitted with a wire rack.
    Bake 6-8 minutes or until cheese is melted and bubbly.
    NOTES
    A shopping note, I had difficulty finding cocktail rye bread (my stores claim they only sell it around the holidays), so I substituted with a whole grain rye bread by Mestemacher that I found at Whole Foods which I cut into squares. I also tried it on Wasa brand rye crispbread which was fine in a pinch, but not as good as the bread alternative.
    HAPPY EATING!!