This is sporran with unusual and strange cantle.
Until 1961 the Queens Own Cameron Highlanders officers wore either levee/mess dress sporrans like this
or undrress sporrans like this:
starting from 1961 after amalgamation with Seaforth Highlanders they use only one pattern of sporran like this:
and in your case I suppose we see that last one with Queen Own Highlanders (Seaforth and Camerons) sporran badge replaced by Cameron Highlandres (there are some of them without "cameron" inscription) cap badge.
Pipers of those Highland regiments also wore sporrans of different patterns.
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