Interesting re-bind. Looks like cross stich on the front and back covers there.
An additional picture of the binding on the Peter Harrington site, a lovely binding https://www.peterharrington.co.uk/the-hobbit-152743.html

Some things you don’t find until after they sold… but for posterity:
Seller: frehleyfanatic
(4049)
Ended Jun 25, 2022
Buy-It-Now:
$499.99
[ Bids]
Submitted by: Urulókë
Seller: ibh_4696
(118)
Ended Jul 3, 2022
$150.00
[0 Bids]
Submitted by: Urulókë
50 CAD price drop, since the prior listing.
Seller: goftheseas
(130)
Ended Jul 3, 2022
C $300.00
[0 Bids]
Submitted by: Stu
Urulókë wrote:
Seller: ibh_4696(118)Ended Jul 3, 2022$150.00[0 Bids]Submitted by: Urulókë
Note: ex-library
onthetrail wrote:
Some very interesting listings.
https://historical.ha.com/itm/books/sc ... n-BrowseAlsoViewed-012417
https://historical.ha.com/itm/books/pr ... n-BrowseAlsoViewed-012417
https://historical.ha.com/itm/books/j- ... leryView-Thumbnail-071515
The text "Concerning...The Hoard" is worth reading for it's probably the last version ever written by Tolkien about the events that to led to Thingol's death and the theft of the Silmaril by the Dwarves, version that is really different from the old ones (back to the 1930s Quenta and Sketch). It's the only version that explains how the whole hoard of Nargothrond was bring to Thingol with the help of the outlaws (probably in conjunction with the Wanderings of Hurin), and how Thingol get the dragon-sickness and provoked the Dwarves. Also, it's the only version that talks about a double throne for Melian and him, as the first cause of Thingol's refusal to pay the Dwarves.
Looks like a good candidate for rebinding.
Seller: carrbizz25
(221)
Ended Jul 4, 2022
$2,950.00
[14 Bids]
Submitted by: Trotter
Not a bad opening price for the red slipcase, which is much less common than the black since there were only two printings of it.
Seller: streetsmartbookstore
(10261)
Ended Jul 5, 2022
$360.00
[5 Bids]
Submitted by: Mr. Underhill