Beautiful heavy cotton thread lace crochet in a zigzag pattern... I believe this was probably made (and used) as a tablecloth, judging from the spots and discoloration.
But at 88" x 72", it's big enough to use as a bedspread, or a nice large lacy throw blanket on a sofa or favorite chair. Or as a huge curtain panel, or a skirt for a Christmas tree!
Condition is good, except for the spots and browning. And a good soak would probably take care of most of those, I think. We'll leave that up to you.