Occasionally in my perusal of back issues of The Sporting News I will uncover information that is directly relevant to the sports card and memorabilia hobby.
Such was the case in an October, 1948, issue where I spied a photo of a novelty company officer holding an armload of Cleveland Indians A.L. Championship/World Series felt pennants.
According to the photo's caption, that particular style of pennant had been produced to the number of 50,000 pieces. TSN found it remarkable that the company had produced the pennants prior to the Tribe's actually winning the American League title. That was the year, recall, that the Indians beat the Red Sox in a one-game playoff, then went on to win the World's Series against the Boston Braves.
The pictured pennant was just one of several styles that were produced by a couple of different manufacturers. I've seen it in both red and green.
An original pennant of this style can bring $200 or more. A modern Mitchell & Nash reproduction can be ordered for $29.99.