Hi NZEF,
According to New Zealand Army Distinguishing Patches 1911-1991 by Malcolm Thomas and Cliff Lord, page 54:
2NZEF Order 120/1944, Wound Stripes and Service Chevrons:
.....a single wound stripe , of red rayon braid, will be worn in respect of wounds sustained in previous wars, .....
So your patch would date from WW2 and the red stripe would most probably denote wound(s) sustained in WW1.
Cheers,
Tinto
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