Agree with Jason (both posts).
If it was scissor-trimmed, you'd likely see a different "sharpness" to the edge, and less aging/brighter felt at the edge where it was cut. Hard to put in words, but you get the idea...
Congrats!
Ps. I have a few pennants (that I know are unaltered) in which the border cut actually touches on the painted graphics. Sometimes the paint even wraps under the edge. This is normal, as it was not a precise process. These pennants probably sold for about a quarter back in the day!
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