Interestingly enough, there is one style of sporran which almost always has five and only five tassels (or tassel-like appendages, they could be petals or 'pennants')- that is the Hunting Sporran.

Whether it is the older style with a semi-soft body and metal cantle (hinged or fixed) or the newer style constructed of hard front and rear panels, practically every hunting style sporran I've ever seen originally has/had five tassels.

Here's a modern style Hunter done by L&M:


Here are a few I've done in the old style:


detail shot of same


A 'matched set' from last year


And a piece modeled on the sporrans originally worn by the Dukes of Windsor and Gloucester.


ith: