I'm a huge Stallone fan, but I can't stand this jacket. It's good for the character, yes. But I would never even think about this jacket to wear. Ugh.
It's pretty much a black leather car coat from the late 60s-mid 70s. Rocky was filmed in 1975 and released in 1976.
Tony, looking at the stills, it does appear to have shoulder pads. Ha.
Agent 5, as my personal fav jacket, I'd gladly wear the Rocky 3 jacket over this one any day.