| Pegasus Pins were first introduced in 1973, with just over 10,000 produced and sold. The pins, worn mostly on collars or lapels, are a common sight in Louisville during the two-week-long Kentucky Derby Festival. Sales of Pegasus Pins account for 20% of the festival budget, with nearly 350,000 sold annually. Most important to festival-goers, the pins and accompanying sponsorship allow for free entry to two-thirds of the festival events, including the
Kroger’s Fest-a-Ville on the Waterfront, Stock Yards Bank Great Bed Races, Republic Bank Parade Preview and U.S. Bank Great BalloonFest.
In the early years primarily festival directors and civic organizations sold the pins. In 1979, the first financial institution – National City Bank (formerly First National Bank) – joined the sales force, accounting for nearly 4,400 of the 23,515 pins sold. In 1980, all major area banks began selling Pegasus Pins, totaling 76% of sales that year. Sales reached an all-time high in 1992, with a total of 738,000 pins sold at $1 each. After considerable discussion and debate, the pin price was raised to $2 in 1994. While unit sales fell to 528,000, revenue increased 45% over the previous year.
Pegasus Pins are available at more than 1,000 retail outlets and banks in Greater Louisville and Southern Indiana. Of all the festival’s merchandise, the pins are the most prized among collectors. Pins from the initial release in 1973 can now sell for more than $800 among serious collectors.
In recent years, the pin program has added to its envelopes coupons for free products or services from local retailers, as well as an opportunity to become an “instant winner” and, ultimately, a grand prize winner. A brand new Cadillac was offered as a grand prize from 1982 until 2004. In 2005, the Kentuckiana Honda Dealers became a new vehicle partner for the Pegasus Pin Program, offering a Honda Odyssey as a grand prize.
Festival President and CEO Mike Berry helped create a total marketing program in 1998, which tied the Pegasus Pin into the overall advertising design for all 70 festival events. Each year’s design is retired at the end of the festival, like an athlete’s jersey after their career is over. |
