Nolan is a sheath maker. He has posted some of his fine looking work here in the past for his fixed blades and folders.
He knows leather, and is just curious about the new sheaths.
Nolan,,I picked up a 154CPM out at Katy a few weeks back and just pulled out the sheath. I see what you mean. It smells like leather, but when you drag a fingernail down it, it doesn't quite act like leather. And it is Mexico.
Also dug out a new AG110 and the sheath is the same. Not the roughout on inside of the flap like we are used to.
They smell like leather, but must be some new process or something different, because they dont scratch like leather.
FWIW here,,,I am looking at the brown sheaths, like comes with an AG 110. I just tried scratching a fingernail all the way down the front of one and didn't leave a leather type scratch.
I wonder if they are "treated" differently with something to keep them from scratching up.