I'll stick my neck out and say it's a genuine Royal Saxon Hussarian Busby. The two loops on the top are for attaching the 'Kolpak' - a cloth bag for want of a better description. The inside of the Busby should be made up of a split cane framework. The wear to the outer skin would be difficult to replicate.
Books published to date... 'Belfast Diaries: A Gunner In Northern Ireland'... 'A Tough Nut To Crack - Andersonstown'... 'An Accrington Pal: The Diaries of Pte Jack Smallshaw, September 1914 To March 1919'.