LOUISVILLE, Ky. (WDRB) -- Derby season is near, when the Kentucky Derby Festival rolls out its new Pegasus Pin.

In a release, KDF says the 2020 pin features the festival tagline "Live it Up" on a teal and fuchsia skyline design. The pins go on sale in March for $6 at 1,000 retail locations and is the ticket for admission to hundreds of festival events. The cost for a pin at the events will be $7.

"You can’t lose with the purchase of a Pegasus Pin," said Matt Gibson, President and CEO of the Kentucky Derby Festival, in the release. "They are a tremendous value providing free admission into more than half of the Festival's events, and any 2020 plastic pin could make you a Grand Prize winner."

All 2020 Pegasus Pins and gold pins can be registered and entered for a chance to win one of the KDF weekly Grand Prizes. Pins can be registered at PegasusPin.com. Gold Pegasus Pins are eligible for the Gold Pin Grand Prize of a 2020 Honda CR-V that will be given away in a drawing in May.

You can pick up a pin at area gas stations, supermarkets, banks and retail outlets. Money raised from the sale of the pins helps support free events to the public including the Pegasus Parade and Thunder Over Louisville.

The Pegasus Pin Sponsorship program was started as an awareness campaign for the Derby Festival in 1973. At that time, only 10,000 of the plastic pins were produced. The 1973 version of the pin is valued at $800-$1,000 and it’s rare to find them. Since then, the pin sponsorships have become one of the primary sources of funding for Derby Festival events. A pin sponsorship investment is a way fans can support the Kentucky Derby Festival, a not-for-profit organization providing world-class entertainment. More than 250,000 of the pins are produced each year.

The Pegasus Pins began as an awareness campaign for the Kentucky Derby Festival in 1973, when 10,000 plastic pins were produced. Those rare original pins can go for between $800-$1,000. Now more than 250,000 pins are produced each year.

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