Looks like a handmade one to me by the way every piece is attached it looks ok to me
I don't see any obvious red flags. The construction looks sound,IMO.
orignal construction and style this is a good original example i would pick it up at a fair price !!
I had a doubt, some persons in Fance say it's a fake, because no wool armband for NS Studentbund, like HJ armband ?