I've been doing some experimentation with strops over the last few months. I made a couple using a hard tanned cowhide from a local saddle and tack maker and they've been very effective. They're a bit soft though, and mark easily from the corners of the tools. The good folks at Tools for Working Wood speak highly of using horse butt, or horsehide from the rump of the animal. I'd asked the saddle maker about horsehide and he didn't have any.
A couple weeks ago I was at a large art fair with the family and happened across a local leather artisan, so I thought I'd reach out on the off chance he knew where some could be had. Turns out he had a decent sized piece he was willing to sell. It's a very hard tanned leather, with one very smooth side, and a little tooth on the other. He uses it himself to sharpen his leather tools. It's much thinner than the cowhide and doesn't compress.
I cut out a 3 1/2 x 12 piece and mounted it to an oak backer. It charges with compound fairly easily. It's very effective as strop material, much more so than the cowhide. Even with very firm pressure, chisels and plane irons don't even leave a mark beyond a darkening of the honing compound from the swarf. For those that strop, horse butt is worth a try if you can find it.