Guys - it's a money belt. The leather is folded over and sewn at the top. Under the bar of the buckle, you can see a section of the belt that's cut away. Coins can be inserted into the belt there, then when the belt is buckled, the money can't fall out.
In the 19th century, people needed a safe way to carry money. Most cartridges belt of the period 1870 to 1900 doubled as money belts.