The Pennifold Quaffle was invented by Daisy Pennifold after the introduction of the red Quaffle in 1711. It causes the Quaffle to fall slowly towards the ground rather than dropping “like a rock” due to gravity. This allows Chasers to catch the Quaffle while they are both in the air (QA6).
This took place "shortly after" the change of colour of Quaffles to red in the Winter of 1711.
This development meant colouring the Quaffle red for visual effect was no longer necessary.