There's some kind of plaque on the skin that's started to peel off. I've had my wallet for about a month and it looks awful. The coating is rubber, similar to latex paint. I thought about returning it but then I didn't have a wallet so I bought another one hoping it was just an accident but the second one had the same coverage. I like the design of the wallet and the leather under the lid seems to be normal, but overall I'm very disappointed.