Personally i don't think it's paint since it's well blended with the black and seems to be more in crevices. I suspect something like alcohol or bleach that discolored the top coat.No need, you can see the undercoat at the natural wear points at the wrists, it's grey, like a lot of chrome tanned leather is.
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It's clearly covered in paint... It's not worth trying to fix, unless you just want to go all @ton312 on it and have fun.
Also, regarding the pic, some leathers will do a red underlayer so they actually have 3.


