Hi Dan- I would guess this pennant is from the 1950s. I have seen many pennants from the 1950s or more recent with sewn on letters. They tend to be higher quality,higher cost, made for limited distribution - not like the mass produced screen printed pennants. Yours may have been home made or created for a specific purpose/venue. Just my opinion, but I don't believe it pre-dates the 50's. Nice pennant!!

-Joe