Posted By:
MarkI don't know about the Metropolitans, but that does appear to be a killer White Sox Pennant, circa 1910 or so (great estimate!)
The choice of whether to remove it or not is yours, as beauty is in the eye of the beholder. I personally would remove the White Sox Pennant and frame it. Oversized Pennants of this vintage are exceedingly rare and desirable.
As for value, the condition appears compromised, and it's inevitably going to have lots of stitching holes. I would still estimate the value at around $1,600 - $2,000. This is a variation I've never seen, and it might be a lone surviving example. If two bidders in an auction really wanted it, they could easily drive the price up over $4,000.
I believe the Pennant alone has more value than the total Quilt. If the Metropolitans Pennant is what you think/hope, then there is no question of that. Perhaps another member can chime in with more info/opinions on that one. Great post, and amazing pickup... Congrats!