I believe this piece started out as a two sided banner and possibly split by two veterans looking for a little war booty. I would think the second side would have had the deaths head and this side has large heavy aluminum threaded bullion SS Runes. Heavy enough that the backing material most likely supported the runes from sagging the banner. 

This would date from about 1933 and would be for the 3rd Battalion 1st foot regiment of the Allgemeine SS out of Munich. Its background is a light weight silk/Satin material and nears the corner identification of III/1 in true heavy silver bullion that has toned quite nicely. The center runes are heavy silver aluminum thread and very thick, the hand work is quite nice and I rarely get to find such early pieces. 

The measurements on this piece are pretty strong at about 28 inches high and 15 inches wide. I would imagine that the second side would have had the same style white backing and the border stitch would have attached both sides to a stiffener in order to maintain the weight of the bullion on both sides.

While the condition is not the best, it is extremely rare to find such early pieces with bullion work at this level, and attributed to the early Allgemiene SS. What the piece needs is a proper frame and a collector who appreciates it and care for it for its historical significance. It is a really nice piece.

(Allgemeine SS III/1 Munich Banner )