Based on the white felt spine on most of Greg's pennants from this series, the non-felt orange sheen/ribbon/satin spine on at least two of the SF Giants pennants (me and Rob), the comment that this series is very well made, and the estimated date of 1951, it seems like the SF Giants pennant is not part of the same "series." I would not use the term "high quality" to describe the two SF Giants pennants I now own.
The existence multiple Cubs pennants seems to point to a midwest/Chicago area maker. Not sure why they would run off SF Giants pennants unless they had no other SF Giants version to sell at an early 1958 Cubs game or something like that. But then you'd think that there would be an LA Dodgers version too.
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