According to the tournament’s official website, Masters.com:
“Jackets were purchased from the Brooks Uniform Company, New York City … Members were not initially enthusiastic about wearing the warm, green coat. Within several years, a lightweight, made-to-order Jacket was available from the Club’s Golf Shop. … The single breasted, single vent Jacket’s color is ‘Masters Green’ and is adorned with an Augusta National Golf Club logo on the left chest pocket. The logo also appears on the brass buttons.”
Soon, the Green Jacket became the symbol of membership in the ultra-exclusive Augusta National Golf Club. And slipping a jacket onto the winner of The Masters – a tradition that began in 1949 – symbolized that golfer’s entry into the exclusive club of Masters champions.
By Brent Kelley, About.com Guide