Rarity Levels
Common or White is the easiest found rarity. The basic form of several weapons (Pistol, Revolver, Assault Rifle, Tactical Shotgun) is found as greys very commonly.
Uncommon or Green is the second most common. A basic form with usually 1 to 3 more damage is found. However several weapons are green onwards (EG: Pump Shotgun, Hunting Rifle, Tactical SMG) can be found.
Rare or Blue is the middle tier rarity. Basic forms, not advanced weapons, can be found - every single weapon apart from a Guided Missile, a Semi-Auto Sniper Rifle and a Heavy Shotgun or an advanced gun can be found in blue. Blue weapons have about 5 more damage.
Epic or Purple is the second best rarity. No Basic forms can be found in Purple - they are upgraded. Semi-Autos and Heavy Shotguns can be found purple onwards.
Legendary or Gold is the best tier. They are found primarily in Supply Drops - balloons that spawn in shrinking intervals of time, starting at 3:00 min. They do the most damage - usually 6 to 10 more than the grey ones. There are only two Legendary consumables - bush and chug jug.
Basic and Advanced Forms
The revolver can be found in 4 different rarities. White, Green, Blue, and Purple.
The Hand Cannon, a different weapon, is very similar with a clip of 7 rather than 6. It does more damage and fires slightly faster and accurately with a 9 damage difference.
Best Answer
The banners on the mountain tops are linked to a challenge that comes with the battle pass. You go to them and collect them, after which you will gain 5 battle stars as a result. This is only important if you own the battle pass.
This was introduced in week 6. I have added a link that shows you where they are and what they "Do" so you can get a better picture.