Antique handmade bobbin lace trim (likely salvaged from a skirt or flounce as it is one continuous loop)
Looks like Bedfordshire (English) bobbin lace
Likely dates to mid 1800's - possibly earlier
approximately 7" wide x 72" +/- around
Condition: Amazing for the age. Intact and usable. Some breaks in connectors but not many. Yellowed or darkened in color from years in storage. 
Beautiful and rare estate find!