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A 1954 Cleveland Indians Championship Pennant is worth about $150. - $200. in excellent to near/mint condition. Even minor flaws will bring the price down significantly. Common flaws with pennants are missing ties, pin holes, frying, creases, and "crackling" on the printing. Sometimes people will trim down a pennant to rid it of the frying or other flaws like a flat tip (point) Caused by being pinned up and ripped off. Any of these flaws will degrade the pennant significantly.
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