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What is a Latigo?

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Its a strap that secures the cinch to the saddle.
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Colorado Saddlery with these numbers on the latigo holder 42 and 0-52 What do they mean and any idea of the range of values?

Those numbers are likely the serial numbers for the saddle. After searching I was unable to find a saddle with those particular numbers, but it should be possible to contact t