Posted By:
Jim VBMark,
From what I've read, it doesn't look like they did any international touring back then, although they were talking about it.
http://walteromalley.com/hist_intl_index.php?lang=eng
On page 2 there is a section on O'Malley proposing an international tour after the 1952 season (I suppose this could have been in early 1953), but it did not happen. Looks like their first international tour was Japan in 1956.
I would have thought this might have been a pennant made by Italian fans in NYC, but that's just a guess. It's a neat item, no matter what.