Some of my searches seem to indicate I was right.
A few relevant excerpts:
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Cowhide comes from standard beef or dairy cattle. The hides tend to be thick and strong. The grain is more uneven because of the size of the animal and the longevity in the environment. Cowhide is very abrasion resistant and stiff. It is an ideal leather for motorcycle wear due to it's abrasion resistance. When the hides are split, a thinner piece of leather can be used to make fashion clothing. Normally, the top side of the grain (top grain or the side that the hair was on) is used for finer fashion clothes because of the pattern of the grain. Cowhide tends to be the most expensive leather. The natural variations in leather patterns will let you know what if the leather is top grain or if it is the inner split and processed to look like top grain. Processed leather is often stamped to make a false grain. You can tell this by the uniformity of the grain. Good Top Grain Leather is uneven in pattern.
A-Aniline-Also known as Natural, Pure, Naked, and Unprotected
These are Leathers that are colored with transparent dyestuff. This means you are able to see the actual surface grain markings. These Leathers have very little or no protective treaments applied to them. Because these leathers do not rely on a Finish or sealer to smooth blemishes like in Protected Leather, the grade of the hide must be much better to produce a quality piece of clothing, hence, a higher price.
P-Protected - Also known as Finished, Semi Aniline, Everyday, Pigmented and Painted
These Leathers have combined the best aspects of a natural product (Leather) and have utilized tannery technology to create a product that is more uniform in appearance and color. The leather is also sealed so that water or other liquids are less likely to stain and the apparel product is more easy to clean and maintain. Most leather clothing is made of this type of leather.
N-Nubuck - Also known as Chaps, Distressed, Bomber, and Suede
These are actually Aniline Leathers that the surface has been brushed, and have created a texture similar to velvet on Leather upholstery or fabric. Suede is the "flesh" side of a piece of Leather and NuBuck is an effect that is done to the grain side. Because NuBucks and Aniline Leathers are alike, it's sometimes hard to tell them apart. The quality of the hide, like a naked leather, is also of higher quality. These "brushed" fabrics look very good but can be harder to maintain and clean because of
the velvet texture.
Patched Leather
Bascially small pieces of leather sewn together to create a large piece of leather fabric. Quality, Type and Grain of the Leather is unknown and grain is interrupted by stiches. Prices are usually much less and should be much less.
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Now whether I'm right about the covers being top grain or not is a different question.