I'm not 100% sure that it is incorporated into the pennants original stitching. Looking at the close up, is it possible that the tag was added on top of the original stitching? The loops on the stitches where the label is don't look the same as what's on the rest of the spine stitching. 
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Working on the following sets: 1916 and 1917 Zeenut, 1954B, 1955B, 1971T and 1972T
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