This is still an inexplicable mystery. There are 2 colors of red, and there are 2 tags - D and C. D is the "appropriate" code for a fall 03 bag. The "crayon" colors (red, blue, yellow) were released together in fall 03. The C season (spring 04) had the orange, seafoam, grey - I haven't encountered anyone who remembers there being a red available among those colors. The red bags with a C tag come with cards that say 2003 3 - which is the correct season for the red, but doesn't match the C. The orange, grey, etc. bags with the C tag have cards that say 2004 1. And yet, these bags look and feel authentic, and people have reported purchasing them at BarneysNY, BalNY, Bal Milan.
So I don't have an explanation. I think this is somewhere around the time that Bal switched its factory, so possibly this has something to do with that. Mimi & I and a couple of others have been trying all kinds of ways to find out the exact story, and we're still trying - for now, it's all speculation. I don't understand how a red bag with a C tag can be authentic, but I can't really understand how it can be fake, either.