Tear pages from an old book.
I made a cardboard template of my pennant. Pointed at the bottom with some straight at the top to allow for folding over later. Lay template on top of torn out book page.
Fold edge of page using template and then tear off excess using fold as guide and template as straight edge to tear against.
Repeat for however many pennants you need to accommodate your word. Here are six for the word, "Autumn."
Loosely crumple pennant.
I used Tim Holtz "Distress Ink" pad to 'age' the pennant. Lightly glide felt ink surface over wrinkles and edges to leave behind 'age' on your page.
Using black ink and vintage letter stamps in size of your choosing, stamp the individual letters of your word on each pennant.
Flip over and fold down top edge.
Line pennants up in reverse order, cut accurate length of string for hanging, and using adhesive of choice (I have used both Vario tape tabs and glue stick) adhere flap to pennant, sealing in the string.