From online research I did yesterday, I'm tempted to say it's latigo, because it's dark reddish and after I washed it and left it on a white (vinyl) floor a few minutes, it dripped some dye, which I understand latino would do. I did find a similar piece at a local leather shop, but they were vague as to what they would do with it. They do a lot of horse equipment and western type clothing.
I got into leather because of an interest in medieval or historical crafts, so I like the "leather belt drive on equipment" idea. I'll have to look this up i.e. what kind of actual machines actually used a leather drive. I'm sure it would make great should straps, dog collars, or belts, but I want to make sure I don't miss out on anything before I cut it appart. Thanks!