Is this a Stahlhelm armband?

[militarymania]

grey cottom background,,,common or scarce?

[Erich B.]

This one is not made as nicely as others I've seen. Are there any extra holes in the white disc? Could it be that someone had taken the swastika off a standard armband and sewed it onto a grey fabric band? On the other hand, not everything III. Reich is made perfectly, so this could be period produced.
Erich