Actually, the JJ picture is not miscut--the picture was simply glued off center onto the pennant's white box background. The actual photo is just fine--compare to this one in past REA auction:
The off center pic placement happens alot with this issue, and doesn't really detract much, IMO.
I would probably keep the Joe Jax--the factory tag is a nice touch. I agree with others who say that the wavy or somewhat scalloped edges of the Wagner is often a sign that it has been sewn into something else. Still a nice piece.