I was thinking about it and realized it might be important to note that while the leather is dry like in the photo above it won't compress. From this dry 5 " stack I can only compress it about a 1/4", and that's using a decent amount of pressure.
Once leather is wet it gets in a plastic(?) state and will compress down to 3/4 to 2/3 of it's thickness in my experience. Once it dries from that wet formed state it will hold that shape and density, and density is what we're after. The denser we get the leather, the less it can shrink or expand once it becomes a handle.
I don't mean to over explain things, but thought that might help put things in better context for those of you following along.