This came on a bike I just bought and it looks to be barely broken in. The leather is still stiff and the bolt looks to be in the original position (not tightened yet). I tried it for 5 miles, but it's not really my style. I probably wouldn't use it on any of my bikes since I'm a weight weenie. One long mark on left side, otherwise, it's in very good shape.
Read all about these classics here. They retail for $195!