This is a life jacket similar to those on the Titanic. There are only nine jackets left in the world. All of them are in private collectons. The last one sold at auction sold for $ 66,000.
It is made of a canvas cloth covering cork. Unlike life jackets today, it is surprisingly heavy. However, it is very buoyant. Unfortunately, the design was such that when a someone fell or jumped from the ship, it was possible for the person's head to hit the cork and break his or her neck.