I don't know for sure; it might smell. If it is moldy, you'll need to kill the mold before you dunk or you'll be making it worse. You can wipe it down with alcohol or vinegar. If you have any sunshine where you are, setting it in the sun helps.
Thanks whateve.
I'm going to contact the seller because I also found similar gray spots covering other areas of the bag, not just one area. They're really faint, but they look like the beginning of mold to me. The bag does not smell though.
If the bag was cheap, I would not have minded dealing with the spots to see if I can take care of them, but at $150, I expected the bag to be in a better condition with normal wear, slight scuffs, etc. I've bought way cheaper bags-- and I've seen some of the posts at the vintage coach bag that others have too-- that look great.