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Aaron M.Mark, I just put two and two together by reading the Halper auction lot listing for the clipped pennant (which describes the two pennants as from 1923), noting that the Giants went back to the World Series in 1923 (hence they were "pennant winners" again), and then using common sense: If the clipped version existed in 1923, it's likely that it was done with surplus 1922 pennants because why else would that particular section be cut? Answer: to get rid of the previous year's date so it could be sold again in 1923.
I would also note that the seller was accurate in his description, and I believe this was how the pennant was originally issued in the 1920's (in 1923 to be specific).
In the end, I really don't care if the pennant was cut in 1923 or the seller himself cut it (for whatever reason) last week. That is both an incredibly rare and visually stunning pennant in its current form. I would have paid more than $2,000 without batting an eyelash. At a major auction I would expect it to bring between $3,000 and $5,000.
This is one of the countless items from the Halper auction that I would have never dreamed I would be able to own -- I'm still stunned I won it (I only found the pennant an hour and a half before the auction ended when I read your post) and cannot wait to frame it and hang it.
This sure makes up for coming up empty in the spectacular Lelands auction!