It is a petroleum product designed for waterproofing. It is great for field boots, but will eventually breakdown the fibers of the leather. No big deal if you have a pair of boots that may only be in use 5 or 10 years max, but a historical holster hopefully will be around a lot longer than that. As Jerry said "Picards is ghastly waxy sticky goo and I would never ruin my vintage leather with this petroleum product."
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If it's made after 1918...it's a reproduction
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