That is the typical familiar design of a Lemon Peel. Have seen many like that. This is one quite flawless and uniform. I tend to stay away from these balls, unless its a known source, or I can examine it in person. I am finding more and more these are reproduced and aged convincingly. The 'hand stitching' would refer to made by cobbler - who had good tools and made shoes, satchels and saddles - so the stitching on a ball could be better/stronger than one would expect of the time. I would want to examine this one closer.
Here is a link to a gallery of Lemon Peels, but I think even JD said not everything on here has been vetted to be authentic.
http://www.baseballglovecollector.co...on-peel-balls/