Hello Hawg,
I remember from a demonstration about bead work, the speaker stated that each color has a meaning.
He had my friend so upset that he went and brought him his rifle case, which was a beautifully beaded case that was a copy from an original.
His case was beaded on both sides with a pattern much like yours.
The speaker claimed it was from Reservation days, he took the case and laid it out showing the top.
The RED design was surrounded by BLUE, and he claimed it meant the Indians were surrounded by the white man in peace.
I might be a little fuzzy about this, as it was over 45 years ago but that is the first thing I noticed when I looked at your sheath.
Now I remember, the Speaker said that you would never see BLUE on a weapon.
Blue meant peace, then he explained the RED surrounded by BLUE, a forced peace.
AntiqueSledMan.