I would agree with earlier and here is why. The ribbon piping is really the hint. The only time I have seen a sheer ribbon piping it was very early, teens at the latest. I have to admit that I have only seen college examples, but if that is what your piping appears to be, you have a nice pennant. I will also agree with Perezfan that you should generally expect to see a stitched label on the back for a pennant from this period, but not always on smaller examples like this. I am a little concerned at how nice the condition is, but from the photo it does appear to be authentic. You got a great pick up, congrats. Jason
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