Why is this leather wallet so inexpensive? What is it really made of?

I work at a small convenience store that sells rather odd things at times. One of our newer editions is a "100% Genuine Leather" wallet....for $6.99+tax. I'm curious what this is actually made out of, and what makes it so darn cheap! If it helps, the wallet smells like a barn filled with horses, pigs, sheep, a full on farm; it is grainy as if there is a layering of dust on it; there are different textures on one wallet, from almost snake like scales to something smoothed with few parallel lines.