Hi Spencer,
Usually, this specific style of Krim is seen on Heer green or gray-green backing material. So, anything other than that would make me look harder at it.
I have not personally seen this style Krim on either KM or Panzer backing before, not saying they aren't out there, I just don't remember seeing an example with those backings. Panzer black backings are very seldom seen and KM dark blue and sometimes dark Navy blue (black) are less often encountered as well but, as Justin hinted at, more often seen than an actual legit Panzer-backed shield.
On this one, the concerns I have, is the backing paper appears very neatly cut along the outline of the shield/back plate. Normally, the paper backing would extend all the way out to the edge of the cloth backing or show signs of being worn or torn around the edges. This one doesn't have that and makes me think it was recently glued on.
Based on that, I would venture to say the backing has been replaced with a black colored cloth and then the paper backing reglued over the new cloth. Why? Panzer = more money.
Tim
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