I think that this is a damaged original insignia. Whether it was worn by an SS formation (this style was in general use until 1934) or by one of the tradition-bearing elements of Kavallerie-Regiment 5 might depend upon where it was found. The Schwadronen (Troops) of KR 5 that carried on the traditions of the two pre-1918 Leibhusaren regiments were garrisoned in Stolp, Pomerania, which is now Słupsk, Poland. Was the insignia found in that area?
I associate myself with the above wise opinion. I rely on Robin Lumsden in these matters, as well. Derek Chapman is also very wise in this material, as are colleagues Hirtz and Coleman...and surely others whose names escape me at this moment...!
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