In the original you can see how the typography of the "HOMESTEAD" is hand-drawn to get smaller as it narrows into the tail of the pennant. Before computers this was drawn by hand and as such it looks much more natural. In the bad copy look at how the "HOMESTEAD" is un-naturally pushed and jammed into a narrower area. It lacks the tastefulness of the original and this is because the type was manipulated in a computer program which lacks the soul that a typographer gives it by his own hand. This is especially apparent in the "S". Another give away is the typeface used which is more of a modern style, something a pennant company artist probably would not have used back in the 1940's. A graphic artist back then would have used various "sign painter" typefaces instead of a "print" typeface which is what the bad copy uses. Other give-away is the illustration, on the copy it is a little cruder and thicker than the original as can be seen in the 2 shadow lines below the batter and catcher.
I have seen more accurate copies of these pennants as well which is probably just a direct copy of the original art. Seem to remember these being around in the mid-1990's.
I have been trying to date them since I first saw them in the 1980's, best I can come is 1943-45 due to the inclusion of the Cincinnati Clowns pennant of the same style. The Clowns played out of Cincinnati during the 1943-45 seasons, the last 2 they were known also as the Indianapolis Clowns.