Why not see this as an opportunity to include a little art in life?
Instead of your initial monogram, the leather patch could be embellished with any number of designs!
Or even a graphic logo if there is something that is important to you. If you like clean cut designs, there are plenty of those.
If this doesn't strike your imagination, you could even query those who know you well to see what they think might be suitable....
At any rate, to be conservative and give this time to evolve, I would simply leave the blank leather patch in place for now. It is a beautiful piece of leather for one thing, and will only look better as it ages.
Plus, over time, the right design for this patch may come to you, somehow. Perhaps when you least expect it!