The Canonized Orthodox American version does. But the earlier versions, from which it derived generally did not. The earlier ones typically had a convertible, ulster style collar and a full belt, which made sense given their purpose and origin. Once it became the rage in the U.S., the half belt and DB style peak lapel were established as the standard. I like them either way, though my "polo" is really cashmere and has slash pockets, an ulster collar, full belt and, alas, no cuffs. But it was a gift from a forumite, so I have no complaints.