Not sure if this fits his collecting interest, but it is a very rare/desirable All Star Game pennant. Strictly in terms of value, it is easily worth the price you stated (and perhaps double that amount). That is, assuming the tip is ok, and there are no other significant detractors (like rips/tears/moth holes/alteration). Typical surface wear and tack holes are to be expected.
It would be nice to see an image of the complete pennant. The photo you provided does not allow for a full critique. Hope this helps...
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