The templating engine of the announcements module underwent a complete overhaul, and one of the changes was that the pencil that will allow you to edit announcements is now part of the template, while in the previous version of the module it was injected dynamically by the module when necessary. The message will only be shown to module editors.
Please update your item template to this, in order to be able to edit your existing announcements:
<table><tr><td>[IMAGESOURCE]</td><td valign="top"><span class="SubHead">[EDIT][TITLE] - [PUBLISHDATE]</span><hr width="100%" size="2" /><div class="Normal DNN_ANN_Description">[DESCRIPTION] <a href="[URL]" target="[NEWWINDOW]">[MORE]</a></div><br></td></tr></table>
Mind you: you can put the edit token anywhere in the template...
(i will pin this post for a while, i guess a lot of people will have the same question...)