This narrow cloth flag is made to attach to the end a knight's lance, though it can be flown from a spear, polearm, or even a staff. It has no effect if not mounted appropriately.
A knight's pennon grants different benefits depending on its color and design.
Battle: The red knight's pennon of battle allows its bearer to benefit from heroism once per day.
Say I have a Knight's pennon flying from my longspear, and I activate its magic.
Does the heroism effect end:
1. if the pennon is put away in my pack after activation, or
2. if the spear/polearm/staff is dropped, or
3. if I shapeshift in some way so as to merge the pennon and spear with myself?
The item description says it has "no effect if not mounted appropriately". Does it have to remain mounted after its magic has been activated? What happens if the bearer shapeshifts into a non-humanoid form?
I can't find any opinion on the operation of pennons. I'm inclined to think that they operate like any magic item that gives a spell x times per day, and that the spell will not cease once activated. Are there good grounds for thinking otherwise? The alternative is that the pennon's spell is cancelled in some way if the pennon is no longer "mounted appropriately"; but does this mean that the pennon must remain on display?