[perezfan]

Here's an interesting addition to the story. The pennant pictured below shows the Hank Aaron pennant with a photo. I'm sure this photo is not original to the piece. So I'm betting that a few (or perhaps many) of these pennants never had any photo attached. The photo would have been centered within the painted square.

The example pictured below was likely a home-made job, done to make it more saleable and attractive.