It definiely happened back then, and these examples are legit. I have seen quite a few over the years. I don't think it's a mistake, or a case of accidentaly coming up short on the measurement. More likely, it was a case of being at the end of the material, and not wanting to waste any of the remaining felt strip. Just the luck of the draw, so to speak...
That said, it bugs me a little, and I would personally hold out for a more perfect example. That's just me and my OCD talking, though. To Chris point, it does add character, and is kind of a neat anomoly (as compared to the boring and mass-produced pennants of today).
It actually makes this one a rare variation.... if pennants were evaluated like Cards (or Coins), it would be an extreme rarity, worth much more than the normal variety!
Beauty is definitely in the eye of the beholder
