Help with identifying the insignia on this pennant flag

I was sent here from another unrelated forum to try to get a some history on a flag I found at an auction. I purchased this flag as a present for my dad and wanted to give him some information about it yet I can find nothing. It is approximately 30 inches in length. I am not exactly sure what it is constructed of. Surely it is some sort of military flag because of the crest on the eagle but again...I have been unable to find anything written about it either. Any information you could give would be of great help. Thanks in advance!

 

It suggests a date between 1912-1959 since it has 48 stars. It looks like the sort of thing that would be in parades or patriotic celebrations. The closest I could come to finding anything like it is on this website: Welcome Home Pennant WWII

The general design is similar, but they are very different. I couldn't find much else. Maybe someone else will have some thoughts.