Hi Brad, the smooth cotton would put this in the 1970's/1980's era. The 54 is the size marking.
The cap badge would be the conventional red star cap badge.
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I was hoping it was WW2 vintage but with the addition of the correct cap badge it will fill the space until I locate one.
PM to me your postal address and I'll send you the appropriate cap star. I have PLENTY of spares! I'll just stick it an envelope and get it off to you as my good deed for the day....
Fellow collectors are NOT adversaries to be bested...
☭ "Ричик, я не понимаю, почему, почему ты тратишь деньги на эти вещи!" ☭