Cloak
It's very soggy.
This appears to be a tattered piece of fabric. From what it used to be a piece of, I wouldn't be able to trace its origins.
If it were in better condition it might be useful to provide you some protection from the elements. In its current state, however, I don't suppose it has much worth to you.
Unless, perhaps... <little creature>, did you bring this as a gift for me?
Ah!~ In that case, let me just...
...
There! how does that look? I think it actually fits quite well.
Thank you, little creature.