It's an odd piece - very long and narrow made of two large joined squares. At first there was some thought that it might be a coffin quilt, but closer examination shows that both long sides show seam lines where stitching has been removed... but if there were more similar panels it would have been an huge quilt indeed. So... still lots of questions.
Though we don't have any good provenance on it, it has some important local content - number of early commemorative ribbons, including this one from the Women's Ontario Hockey Association - 1901.
Personally, I like the back.
It reminds me of African bark cloth



