1.25" "Reds" button has red fabric ribbon held by the pin and joined to a thick stiff cardboard 4" pennant with gold text against maroon "Nat'l League Champs Cincinnati." Apparently the application of the paint caused the cardboard to become rather warped so that the area with the letter "C" of "Cincinnati" is recessed while the surrounding edges are raised up. Very tip of pennant is missing and there was a heavy crease horizontally across the center which has been repaired so that everything is stable although there is still a narrow hairline mark. Everything remains bright, clean and glossy. c. 1939 or 1940 and rare with the pennant.