The Old Blanket is a valuable BETA. It's lighter than the blanket you get at the Hot Cocoa Hut. It's a body item, and is worth the old Pirate Sword (before it came out). Anyways, here's a list of what it's worth:
BETA Old Table
Rare Cloud (maybe more)
This item is rarely seen on a Jammer's trade list. If you have 1, try to bribe someone to overtrade it, as some Jammers think it's very rare, even though it has moderate rarity.