It's 2 pieces of leather with the rough sides glued together, that way the inside is as smooth as the outside. It's hand stitched using an awl to make the holes. I've made several holsters and learn something on each one. If you are considering making a holster check out the leatherworker.net forums, there's a lot of good tutorials to help aspiring leatherworkers get started. Once i master holster making, the next step will be to try leather carving. It's a hobby that dovetails nicely with my interest in firearms...
See attached photo of back