It is the earliest of what we call 'security holsters' and it shot to fame in 1922 when NYPD mandated all officers wear them after one of their own was shot to death with his own revolver, taken from his issue holster.
The names on these holsters, and their patent numbers, vary considerably as holstory progressed from Audley's earliest efforts at the turn of the 20th century -- his first patent was for a belt because he was originally a belt maker, from Ireland -- and the name we see most often on vintage holsters is for Folsom-Audley which duo occurred precisely at the holster's adoption by NYPD.
Folsom Arms had been around a very long time by the time the company took over Audley; here's an effort that's reasonably accurate for use in dating what you find in a Folsom Arms catalog:
And the various marks of those NYC companies that freely used the Audley invention:
It's hazards were surely no more pronounced than any other holster; these a/ds in holsters still happen today with todya's designs that aren't even gunleather:
"Holstory -- Gunleather of the Twentieth Century -- the Second Edition" is available at www.holstory.com and is posted to you from inside the USA by the printer itself.