If the raw edges are the only difference then the belt I bought for $21.99 on the last drop is the wrong belt because it has raw edges. It does have burnished edges but only at the very end/tip of the belt just like in the photo (presumably to prevent fraying). So, I should be happy that I got the $37.99 belt for $21.99?
Sorry, but it seems to me that there is less work with raw edges and with the same leather and buckle, I cannot see/justify the 50% increase in cost. How much say does M-drop have in the pricing? I read in another thread that it is the vendor that sets the price, but I might be wrong.
Having said the above, it is a nice belt and I wear it almost everyday and it is "tanning" nicely.