The belt is one piece but the buckle is held by a completely separate piece (making it a two piece belt as the one piece straps wrap around and hold the buckle in place). The buckle is only held with 1 click (with Phillips?). I like to tighten the straps like hell, so I'm very excited to see how long it lasts before it clicks. An additional loop is attached at the back and slides freely (be careful not to lose it when hanging the belt). There is no cutout on the buckle to keep the pen in place when worn. It also slides freely between the black trim. Mine came with a scratch already where I can tell this pin will rub. eventually an unsightly shiny stain is formed. He's very noisy/squeaky, but I think a bit of saddle soap would have calmed him down immediately. The "tin can" is actually a cardboard tube with a tin top and bottom. Mine arrived all dented, bent and scratched but no stars because nobody buys this belt because it comes in the silly little case. However, there was a hole punch. it was a nice touch. The size seems right.