Very nice sporran! I'm jealous!

Looking at the back of the bag, and the fact that the sporran cantle seems to be easily removed by means of the wires holding the bag to the cantle, I'd suggest that the bag was made to be reversible.

The two holes remind me of similar holes I have seen on the front of MOD and other sporrans where a badge would be affixed.

I think the bag may have been made so that you could wear it on way for tassels, and the other way to display a badge. Neat idea!