Bob,
No I'm still of the opinion that's a sporran, rather than a glengarry, or any other headress.
I've now found a photograph of a Seaforth Highlander, c. 1890, with his kit laid-out, having examined it I've got the collar badges the wrong way around in my reply. The cypher is the larger badge of the two, and the elephant the smaller.
Isandlwana