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Mike HTim, Pennants are one of my favorite niches of the hobby. I picked up a few over the last 20 years, but dove in head first about two and a half years ago. There are many collectors here who will gladly offer advice (honest advice). While he may not admit it, Mark Steinberg has taught me the most by far and has one of the most impressive pennant collections in the country.
There are no books or guides, although you see examples in various memorabilia books. Auction results are the best gauge of price I suppose. Collect what you like, but avoid poor condition (torn off tips, rips, large holes, stains and major fading) unless the pennant is exceedingly rare. Watch out for trimmed pennants which are pretty easy to spot(some trim a piece to form a new tip when missing).
What else would you like to know about pennants?