I tend to think they are fully legit, i.e. made at the time of date on pennant. Of course I want to believe that, as I own a few like this. The only team pennants I have seen of this type *without* a championship noted are from the two St. Louis teams. Some are dated (I have '39 Browns and have seen '38, '39 Cardinals), others not dated. The older ones have the grommets that attach the tassels; the newer ones have one line of stitching at the wide end. None of them have that second strip of felt for holding a dowel.
If these pennants were all made at once, wouldn't they note a team's World Series championship instead of simply noting "champions" for both AL and NL teams (I own the '20 Dodgers and have seen the '20 Indians.) Also some pennant designs have lasted dozens of years. Consider that '55 WS pennant with the fancy feathering. That basic design lasted all the way to the early 80's.
As a side note I have never seen a super-old pennant from either the Cardinals or the Browns. Which makes me wonder if this is all a regional thing.
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