[thetahat]

Hmmm … because of the considerable variability in size, shape of letters, etc … it’s possible that it’s a natural cut. But it’s the bottom edge where the reinforced border meets the wide part, it looks like it was cut through the line of stitching. The back of the pennant would tell the story. These were all seemingly made with tassels - often two color - this one probably had them cut off.

For the price? I still thing a good deal and a great display for whoever grabbed it.