Here's a section of a decree regarding the KVK series dated September 28, 1941. Maybe it clarifies things?
The award of the War Merit Cross with Swords precludes the subsequent award of the equivalent class without Swords. If the War Merit Cross with Swords is awarded after the War Merit Cross without Swords is already held, the War Merit Cross without Swords will no longer be worn. The recipient however will retain possession of both.
It's against regulation, but by itself I don't think it's an automatic "fake alarm". There was a recent group up on eBay that was being split up by some nitwit seller, four or five bars if memory serves. A couple of them had the dual KVK ribbons just like this one. I apparently didn't save the pictures, but Stogierick was the winning bidder on at least a few of them, so he might be able to shed some light on this.
I also saw those bars and was a bot confused. They look good, but suddenly there are a few bars with the double KVK Verleihung turning up. This is the first one I saw with the "buttonier".
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