Piece of Leather

I have no idea how old this little scrap of leather is. The fact that the stitches run in a continuous line without breaking suggest that it’s machine-made, but the holes on the back suggest that if it is a machine then it’s a reasonably old one. There’s also an initial – W or M, cut into it – I can’t imagine wht an initial would be cut there. It looks like some sort of lace hole, but then they’re not metal reinforced, which I assume most modern shoes would have?