I am in agreement with Artificer on this. I love seeing old historic designs come back to life, but this one is probably best left in the rubbish bin of history.

But aside from that, it's not even a very accurate reproduction. As others have mentioned, the only thing it really has in common with the original one depicted is that it has a sheep's head and 6 tassels. This one has a cantle where the original did not. And the original was a V-shape where this one is round. The ear position is wrong, and the stubby horns are just weird. To me, it looks like this sporran was made on a typical oval shape horse-hair sporran design and modified with the addition of a sheep's head, but the execution failed as a facsimile of the original. To quote Mr. Horse, "no sir, I don't like it!"

But then again, seeing it worn in context might make it look completely different.