I've had a couple of those Reds pennants. I'd say the sweet spot (depending on condition) is somewhere around $300. I've seen outliers go significantly higher and lower.
What's interesting to me...I believe mine were stiffer material, which makes it odd to see a hole in yours. Does anyone know if they made a cloth or felt version as well. Also, the spine has the tell tale narrow seams of a reproduction, though I don't think this pennant was ever reproduced. If it has, I've never seen it. If you look at Mitchell & Ness pennants they have those close together seams.
Lastly, I know sellers sometimes treat pennants like they're from another planet. They have no idea how to handle them...but why do so many sellers not take the easy step of at least flattening the pennant out so it presents better. I see pictures like this time and again.
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