Vintage herringbone weave rayon fabric, 1940s or 50s. Fairly heavy, very soft, drapes well. It's 36" wide, a 4 yard length.
Label found on this piece is marked seconds - but I can't tell you for sure about its flaws, as I didn't see anything really wrong with it! Grain looks straight, I found no snags or problems to the weave, colors look good.