My adult children would be quick to say that I can offer an opinion on any subject - just not EXPERT on Icelandic conformation and surely not on dropped nosebands.
He's absolutely lovely as represented in the photos. Since he's only a baby, one would assume that he has not been ridden in a dropped noseband and that it is used in the sales photos more from tradition than from necessity. Your friend certainly would not to need to continue with its use. I'd go look. Nancy
