Large spool of fine lightweight wool yarn, fingering or lace weight, or embroidery thread. Cone spool is marked Crescent Woolen Mills, but there's no yardage or other information on it.
This makes a lovely decorative piece with the pale neutral colors, or you could use this for knitting or crochet lace projects. There's a little light soil to the surface which looks as though it'll wash out. Wool seems soft and supple, no brittleness or breakage.