Early SS or SA or Stabswache Armband?

[Douglas]

This armband appears to be early construction and has a black border but the border is different from SS borders.
It looks more like a Stabswache armband in the photo photo from approx. 1925.
What do you think?

[Finngaill]

I like how it look, imo it is original early Kampfzeit armband

[Gwar]

I like how it look, imo it is original early Kampfzeit armband

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