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Shangas, if you can find some neatsfoot oil, a tiny bottle will last a lifetime. Some drugstores will have it, not many, but you might try a sporting goods store where baseball gloves and such are...

That looks like a home-made strop to me. The mechanism at the top is from (or looks to be from) one of those ratchet style nylon strap tie-downs used to secure motorcycles or other items to trailers....