Ryan,
That pennant is priced accurately given the condition I can see in the photo. It appears to be in pretty nice shape with no missing tip or fading. As someone posted, there are more attractive versions of this same pennant that sell for approximately the same amount so it just depends on if you like it or not. This version is from the late 60's and is not really overpriced or underpriced at $50. If you would rather have the colored version, it is readily available on eBay. This is one of the more common styles the Cubs had and I am unaware of any reprints.
Also, if you are interested in vintage pennants Mike's book would be a great reference to purchase. Get the 2nd version as there was more added in that one. Many styles are common to an era and most teams are represented within those general styles. The more rare the version, generally the higher the price. Condition is key and unless pre 30's most advanced collectors will steer clear. If you want them just for display, lesser condition versions can be had for a significant discount. Good luck in your hunt. Jason
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