I just bought one last week (not from Sportack). I was told
it is a chain under the pretty thick leather.
I bought the cavalry “S” shanked one (to try to
prevent my horse from “lipping” the shanks). BTW, these are pretty gentle
as its shanks are shorter, & the design requires one to use the long
leather chin strap (my old standard length chain chin strap is too short).
So if you have a “puller”, they kind of will run
right thru this, than a longer shanked one, <sigh>.