ledo

There is no -ed- suffix. Ledo looks like it might be l- plus something, and the temptation grows once you have met -ec- (quality), -eg- (large), -ej- (place) and -er- (particle) in the same fortnight of study. It is a false seam. Esperanto has no -ed- affix at all, led- is a single Germanic root that arrived whole from Leder and leather, and the word is as unanalysable as domo. Worth saying out loud, because the affix system is so productive that learners start seeing suffixes in words that never had any.

Hide, skin, leather - three words, three jobs. Haŭto is skin, the living covering on an animal or on you. Felo is the hide or pelt taken off the animal, fur still attached. Ledo is what the tanner makes out of it: the processed material, no longer part of anything. English blurs the middle two and Esperanto does not, so a sentence about a fur coat wants felo and a sentence about a belt wants ledo.

Derivations you will actually meet. Leda is the adjective - leda mantelo, a leather coat - though el ledo is at least as common and reads a little plainer. Ledaĵo is a leather article, ledisto a leatherworker, and ledi shows up occasionally meaning to cover something in leather. Esperanto has no equivalent of the English mass-noun shortcut a leather, so the material always takes el ledo or the adjective.