This should demonstrate the difference between old vs. new felt... The new felt is simply flat, and lacks depth and soul (for lack of a better word). Note the textural differences in the two Philadelphia Stars Pennants (below...)
With regard to graphics, the newer '80s Reproduction can't replicate the fine lines and detail, featured in the original.
Also posted below is a Baltimore Elite Giants '80s Repro. This one really shouldn't fool anyone here.
I don't know the maker of these 1980s repros, but apparently Adelson Sports does. Here's a quote from their ebay listing...
"This is a great reproduction - soft felt and same design as the original one that was made in the 1930's. I know this because the company that reproduced these negro league pennants purchased the orginal pennants from our company."
http://www.ebay.com/itm/BALTIMORE-EL...b#ht_612wt_940
Today, the originals are actually more prevalent than the reproductions. Again... anyone who sees both types in person (other than a complete novice) should not be fooled by these repros.