Very rare pennant of REGGIANA in use in the period of fascism.
Pennant has in the middle the fascio which many clubs adopted at that time. Bottom left there is the club badge which was used for many years and it consists in a shield encompassing wording ASSOCIAZIONE CALCIO REGGIANA and another smaller shield with claret cross in withe background with SPQR acronyms that shows roman origin of the city of REGGIO EMILIA.
Shape, kind of embroidery an details of pennant are those in use in the 30s.