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Seems very overpriced for what it is. Minimal labor involved, even if it is hand stitched. The price per sq ft is nowhere near the price.
What are you comparing this to? This is a very competitive price for a shell cordovan piece. I can assure you that this isn't overpriced for a saddle-stitched (very uncommon way of hand stitching, far superior to machine stitching) shell cordovan (read more about shell on the description page if you're not familiar) wallet.
Mostly the price is because of the expensive type of leather used in construction of this wallet. The leather is very nice, but you can get a wallet that is just as attractive and durable using more commonly available leather for around $20.
It all comes down to whether you want one of the finest quality leather wallets available, or whether you would rather have a nice but not _as nice_ wallet and an extra $40 to fill it with. ;)
Very true! There is no denying you could go to Wal-Mart and buy a wallet for $10 that would serve you just as well functionally. It all just depends on if you want something that will last significantly longer and have a little more "style".