SIZE: 4 1/2 inches long, 2 1/2 inches high.

CONDITION: a discoloration See photo 

MATERIAL: felt

RARITY:  Highly collectable and rare

BACKGROUND: Jim Sexton provided the background.

He surmised that the mini pennants were probably produced by one or more felt or novelty companies who in turn wholesaled them to companies to use as give aways or as premiums in various promotions.

Red ball sales company of Chicago seems to be a major distributor of these BF3 mini pennants with their gum products. They existed from 1937-8. Others included Grandpa Brands of Covington Ky, Cunningham Ice Cream Co, a division of the Borden Co. and Unique Novelties Co. are known to have distributed the college pennants.
There are several different styles of these BF3 mini felt college pennants, but all retaining the same size and seemingly from the late thirties.