Generally, this is not good. You're right in that they were coiled up too tightly, and the grain side (outside) of the leather was stretched. It might even out as the flesh side of the leather stretches with the whole belt after a week or so of wear. But, if you paid a fair amount of money for them and don't want to take a chance, it might be best to return them.Edit: Oh, i see you have worn them a bunch. Maybe they can still be sent back due to defect?