Hormel, the company that makes SPAM ham, used to give away free collegiate pennants in the 1950s. All you had to do was sent in a quarter through the mail (presumably to cover the cost of postage) with a label from your SPAM purchase and Hormel would send you six collegiate pennants. There were a total of 96 schools to pick from. The pennants measured 9 1/4 long by 3 1/2 inches tall at the highest point.
Hormel pointed out what a great bargain these are as pennants in the 1950s regularly sold for 15 cents each, thus getting six for only 25 cents was a 90 cent value. The pennants are collectible today and sell for a lot more than 15 cents each!
Other pennants we carry in inventory from time to time were called "Go-Go" pennants, also made of felt. People often ask if the holes in the pennant were a defect. They were not, they were a feature of the pennant, so you could hang them from a string as pictured in the company advertisement below.
The pennants were made by Leaf Brands, a division of W.R. Grace and measured 9 3/4 inches by 3 1/8 inches.
We are unsure how many kids mounted their pennants from their hot rods as the company suggested!