Pretty sure it's a good one but more knowledgeable eyes appreciated!

Looks like a reproduction to me.

Here is one that I got from Bill Shea years ago. Cut/ unused with Rzm tag.

 late-war BeVo-type Jacquard looms were used to produce SS insignia with a distinct "blocky" or "negative reverse" appearance. 

This specific look is often associated with the high-volume manufacturing of insignia in the final years of World War II, where the technique changed to speed up production. 

These insignia utilized a "floating weave" method, where the warp threads for the pattern were not raised for "shedding" but were instead carried invisibly on the underside of the fabric. When viewed from the back, this weaving method produced a reverse, "negative" image of the insignia (e.g., white threads on a black background with a distinct blocky structure.

This was a typical characteristic of late-war machine-woven (BeVo) cap and collar insignia