There could also be original lettering that has been painted over more recently - maybe even a long time ago;e.g-1900-1940. Unlike autographs that have been drawn over, it might be easier to spot evidence of a repainting. And if there was such evidence, I would be more likely to buy it than if there was only one application of paint whose age couldn't be determined.
You could also go to a vintage clothing website and ask if the details of the physical belt were appropriate for one that's supposedly that old.
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