Greg- about your question regarding whether the felt is similar to a a pennant: I just went and felt up a bunch of 1950s/1960s pennants. My overall conclusion is that the felt in the banner seems more like the felt used to make pennant tassels/spines, and less like the felt used to make the actual pennants. But then that made me wonder if that material was really any different than the felt used to make pennants. I have to admit that I don't know.
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