You could also use one of those ultra-stiff 1990s pennants to do the same thing. Put the soft one on top of the stiff one, and slide both in to the holder.
Use the stiff one to guide the soft one in. Once the soft one is posiioned where you want it, the stiff one should slide right back out.
If you still think it will damage the soft (valuable) one, then don't force it. Just use a soft plastic cover instead of the rigid ones.
A final tip... the rigid holders loosen up over time. I have soft pennants that simply refuse to slide into a new rigid holder. But if I take an older holder (one that has housed a pennant for a few months) it glides right in. They actuially seem to stretch out a bit, given some time.
Hope this helps!
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