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Aaron M.Guys, the pennant was indeed cut, but that's actually the way these pennants were issued to the public in 1923.
If you'll note item #698 in the Halper auction, the distributors of this spectacular pennant simply took their surplus 1922 NY Giants pennants and cut off the dated tip section and released it during the 1923 World Series (along with a companion Yankees pennant).
This is simply one of the greatest pennants ever designed and released (during that period or since) and while it would have been great to get the full 1922 version, I would descibe getting the cut 1923 version as a "one-in-a-lifetime" find. May max bid was nearly two and a half times what I won it for.
Other than the examples sold during the Halper auction, I have never seen this pennant publicly offered. The 1923 Giants and Yankees "cut" pennats sold together for $8,000 during the Halper auction.
Wow.