It's actually a very good question and a great observation that the logo is facing the wrong direction - I would have missed that.
Yes, I think it's a real Schon, an R-9 from about 1988 or 1989 just when they started using pantograph instead of spliced points,
but still had the stitch rings. I've seen a few of these looking just like that but with an all white buttcap. My assumption is that the
original all-white buttcap was chipped or cracked. Whoever repaired it found out that if a cue has been refinished, altered, or
repaired by someone else and that Evan will not work on the cue or put a new Schon logo buttcap on one, or sell a Schon logo
buttcap by itself.
Absent a replacement logo buttcap, but wanting to retain the logo, the cue maker cut the old buttcap off, cut off the damaged part,
and shortened it, made a new black cap piece (to preserve the length) and put it back together, but erroneously sliding the shortened
cap/ring on in the wrong direction.
This, of course, is speculation, but it explains everything. I would just leave the buttcap alone now unless you happen to run across a
Schon buttcap. It looks fine the way it is and the value isn't going to be a lot different because the value of this cue is as a player, not a collector.
Chris