It clearly needed some help. What it took was to be deglazed multiple times, to get rid of any old dyes and sealants, a lot of dye and a lot of oil and conditioning. The end result:
Onto the next wallet. This was a commission for a Bar Mitzvah, and the idea was to place imagery from a Menorah on the outside, and the inside was to be inscribed in Hebrew with his name and the date of the ceremony. Luckily I work with a Hebrew bibliographer at the library, and he was able to help me with the translation and font choice.