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Damon,
I think it is just tradition. Back in the day almost every strop was horsehide so it is probably just a hold over. On my first strops years ago I used an embossed horsehead logo too before...

I used to sell Illinois strops before manufacturing my own. The model numbers mostly refer to size differences except for the #127/827

I the "modern" line up the #206 is quiate small, maybe 1 3/4"...