Hard to tell. Looks like it was found submerged in bog or cold lake. The water did all that but it didn't dissolve due to the lack of oxygen and cold in the water or mud. That's about all I know.
Nothing looks really out of place to me. I will say that the first thing you usually see damage on is the thread holding the liner together. It rots before the leather does, as it’s probably cotton and wasn’t treated like the leather. The leather pulling and stretching that seam is normal, but I’m not 100% convinced on the thread that’s there.
Thanks for the input Nirvana, do you think that the thread was made added later on to keep the liner together or maybe just the conditions where it was found left the thread preserved by chance?
-Nick