[nittany13]

Let's step one year ahead to the "1998 Playoff Contenders Pennants". The online registry acknowledges the base, Red, Gold #d to 98, and Registered Exchange (#d to 51 I think). In the photo below the Red is on the bottom left while the Gold is on the bottom right. The other 6 shown are 6 different versions of the base card, but the registry only acknowledges 1.<br />
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The Registered Exchange, which is impossible to decipher if one of those is actually featured in the photo, is a little more complicated to explain. Simply collectors were allowed to send in their completed pennant sets into Playoff at the time and the company would then in turn would stamp them each with a Registered Exchange number, hence 51 Registered Exchange parallel sets. The problem lies with the fact that nobody knows how many of each of these eight versions of cards were stamped since collectors were allowed to send in a mix and match concerning the colors. <br />

... As for the Registered Exchange cards...the example I provide clearly shows that they were numbered one right after the other resulting in "6.375 average" of each color redeemed. o.o

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Thanks jaderock for your comments and expertise! I in kind would also like to expound even further on a number of your responses. <br />
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I'll start first with these specific Registered Exchange cards. If I understood this correctly, collectors would compile a hand collated set of these Pennants (also the Leather and Tickets too)<br />
from this set - collectors then would send their completed sets into the company and Playoff would systematically stamp each card with the same serial number in the order it was received. On a side note, if there were only 51 of these sets it looks like you were the next to last person to gets his stamped . Henceforth, I assume that these Pennants were the original ones that you sent in to the company and not ones that were exchanged for a complete set with this serial number already pre-stamped.<br />
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If my understanding is correct then here is my point, it is feasible that some player's pennants of certain colors in this set were never stamped with this Registered Exchange serial number. Now it is likely that the six base colored versions have a Registered Exchange number due to the law of averages, however it is not a mathematical given. The chances of exclusion become much greater however when it applies to the comparatively scarcer Red and especially even more comparatively scarcer Gold parallels.<br />