A very nice unused Coca-Cola NO-DRIP BOTTLE PROTECTOR. Dry Server” 1932 Take off Refreshed Aviator Pilot. It is a paper sleeve that would fit over an iced bottle of Coca-Cola to keep your hand dry.  These were used from the late 1920’s up into the 1940’s.  Electric coolers eliminated the need for the “Bottle Bags” as they were sometimes called.