Again, I really don't like to question Ron, because it usually doesn't end well for me - other than getting some more schooling. But I know he doesn't mind a little honest debate either. So I definitely agree it would be weird colors for Pelt, and that the V fold on Pelts is not common (although, I have seen it on more than one). But I do see flipped four ribbon pattern, I think.
It does look like there might be a little separation in the top #1 ribbon, maybe it just dipped below the base a little on the edge?