This leather Masters badge holder is rare. The Masters Tournament stopped selling this version around 2013. This badge holder has two packets. A clear pocket in the front to hold the badge and a leather pocket in the back. The rope string is a breaded leather. The clasp on the rope is metal and the closure lets you adjust the length of the opening for the rope. This badge holder is in very good condition. It has been used for several years during the Masters tournament. Still the edges are in perfect condition.