There has been some discussion and debate about these AE one-piece shell cordovan belts.
As far as I know it was never resolved, some arguing that a shell is never that big and that the belts are made from some other part of the horse's hide. Some argue that AE is stretching the definition of 'shell cordovan' on this item.
I own one of these belts, have had it for years, and it has not worn or aged exactly like any of my shell shoes. So.... the jury is out.