How to Track Versions with MongoDB

Consider requirement that we have to be able to recreate/query any version of a document that ever existed in a particular collection. So we start out with:

{   docId: "A",
    v: 1,
    color: "red",
    locale: "USA"
}

If we need to set color to “blue”, instead of updating the “color” field from “red” to “blue”, we have to create a new version of the document which now has its full “current” state, and preserve somehow the old version of the document. So we insert

{   docId: "A",
    v: 2,
    color: "blue",
    locale: "USA"
}

The goal is to preserve every state for each object, but we only respond to queries with the “current” or “latest” version, we just have a requirement to be able to have an audit (which would be very infrequent so it’s okay if it’s slow). Is keeping each version as we do in this example the best schema/approach to this problem?