I really don't display my good pennants. I buy "wall hangers" and/ or Mitchell and Ness higher quality reproductions and I display them like they were meant to be displayed: by tacking them to the wall. No top loader, no frame. I just prefer that look and I hate spending money on pennant accessories.
That said, I'm absolutely paranoid of airborne dirt, sun exposure, and moths. That's why I store my good pennants in a cheap rectangular Tupperware container from Target. You can stack 50 pennants in one of these, seal it from moths and airborne dirt, then shove it under a bed away from sunlight. Sure, you can't display them this way, and finding one when you need it is tough, but it's cheap, easy, and safest for the pennants, so that's what I do.
For extra protection from moths, I place an old sock filled with cedar chips, lavender, and rosemary inside each container. This is just as effective as moth balls--but smells much better (and isn't toxic).
One word of caution. If you try this method, and/or stack vintage pennants for any length of time, make sure at least every other pennant has some type of protective sleeve on it. I learned the hard way that vintage pennants, particularly those covered in decades of patina, will slowly leach this stuff onto surrounding pennants. Felt dyes will also transfer. Lighter colored pennants are most vulnerable so if you care about that '75 Reds pennant in white, don't stack it anywhere near a navy blue Yankees pennant.
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