Torrey pigskin strop?

[NewellVW]

My thoughtful wife was out doing some pickin yesterday and brought this home for $1.00!! She said when she picked it up, the lady said it probably should have been marked higher but since that's what it's marked at she'll honor it!

Looks old but can't find any info after numerous searches. Anybody have anymore info about this?

Also, it's still amazingly supple and flexible but could use a lube or something. Any ideas on the best way to treat this to a little kindness without damaging it?
And how the heck did they hang this thing? Can't see any way it was attached at the top!

Thanks, Newell