An officers' badge from Officers' Dress Regulations 1904 from Princetown University's online collection. This picture ties in nicely with the Officer's silver 1903 hallmarked badge shown elsewhere.
Has any one considered that he reason that Hugh King mentions that Double Scroll Elephants were so rare was because they were only worn by officers? - and even then when they were not wearing the pill box hats which some regts retained for some years.
The ORs on the other hand could wear badgeless pill box caps from 1902 after their return from South Africa and replacing the PWO elephant slouch hat badge. With the replacement of the pill box the collar badge was worn on the peaked caps.
What badge (if any) did the regt wear on their FSC? The Cypher collar or an elephant?
http://www.uniformology.com/HUSSARS-09.html suggests the elephant. Coincidentally the regt was retitled at the same time as hey both returned to UK and the side cap was replaced.
Anyway all it takes for Gaylor to picture this elusive badge and a whole industry of fakes have resulted.