Vintage Vietnam-war era life preserver vests used aboard US ships. Originally filled with buoyant unicellular plastic foam. Precursor and inspiration behind the infamous Carol Christian Poell 'Vest Bag,' the difference being the zipper openings are on the bottom edge on this surplus design. Different zippers and zipper pulls were used in iterations of this vest bag. The one here uses talon-style pull on sturdy brass-toned zipper teeth.
See pictures for condition.
Note that only the green vest bag shown in this listing is being sold. The black leather jacket can be viewed and purchased here