As early as the late 1800s, the world had felt pennants. But they became popular novelties much later thanks to two cultural changes: the introduction of colleges and universities, and the popularity of all things sports. By the end of the 19th century, these changes combined to create the perfect environment for these little scraps of cloth with words on them to proliferate!
This vintage Walt Disney World blue pennant is not sports related, obviously, but it is instead a representation of how the pennant graduated from sporting events to the souvenir trade:

This bears the trademark of Walt Disney Productions thus dating this pennant to before 1987. It is in well used condition.

This type of castle logo was used from 1971 through to the late 1980s on much of the merchandise and souvenirs from Walt Disney World.

It seems strange that something that was designed to be waved in a crowd to attract attention to a team or product, isn’t printed on both sides.
Oh well. “Go Team Disney!”