It measures 28x10 inches plus has 6-inch ties. The felt is soft and heavy. The letters are applique. 

I am guessing it is from the 1920s-1930s. The non-uniform dimensions  probably places this in the 1930s or before. 

It is rare to find applique pennants.

The colors are sharp.  The tail is complete. One of the upper ties was bobbed. One of the lower ties appears to have glue reside. There is a very small pin hole in each corner and in the lower set of ties.  see photos.

Age and rarity more than make up for any flaws.

You are buying a rare piece of history. This is a collector’s item. Once it is gone - it is gone!