Yep, the rubber breaks down over time. Had the exact same thing happen with the ones that I had but, after having them for 20 years I'm guessing I got my money's worth from them.
That is probably bought 3-4 years ago (new), but who could say its actual age. It certainly hasn't been carried a lot, but it has been loaded the whole time...brass cases. No sunlight exposure or any extreme environment.
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