[perezfan]

I've seen both... The Aaron side is the original one. When it went unsold, they simply re-used the pennant for Ali/Foreman. Apparently the makers didn't feel that fans/collectors would care much about the felt strip being on the incorrect side. I've seen the same phenomenon with Colt .45/Astros and Boston/Milwaukee Braves 2-sided pennants. The felt strip is seemingly always on the original side.

The blank square was indeed for a photo insert of Aaron. So either it was removed, or more likely, never even applied. Appears there is no adhesive or residue to indicate a photo ever having been applied.

So this was likely just left-over stock, used by the vendor to save money. It's a unique piece, and probably desirable to the right buyer. Probably won't get you a crescent pad, or even a Lutzke in return... but perhaps a nice Decker Patent (to put the value in "glove terms"). Still, great stuff!