Coach's picture of a 1980s-era stamping machine seems to confirm that. That's definitely a large unattached piece of leather in the photo.
Thank you, so much for posting the photo of the stamping machine. :reading: and learning all phases of the manufacturing process is fascinating to me. Maybe I should pick up a copy of The Factory.
Boy, the photo illustrates perfectly how easy mistakes can happen, but more importantly how precise, consistent, and accurate the stampers have been over time given how many bags have been produced.
(ETA: When you have a moment I posted an ID query on the ID This Coach thread.)