Saddlebag, I believe it's stamped on the flap too. The tree is sound as far as I can tell without taking the saddle apart. It isn't a bad saddle, just old and sort of small. It looks to have been well made, but it has seen a lot of use. I wouldn't be surprised to find it was 50 or more years old. The leather has that patina that only truly old saddles get. I liked it for the money I paid, but it really didn't work for my horse. I got a different dressage saddle, and now this one is just sitting around.
Tug on anything at all and you'll find it connected to everything else in the universe.~John Muir