This is a peg-rack using thread spools as the pegs! It was posted to Facebook by Martha Guidosh, a friend of Pam and me who went to school in Hubbard with us. We think it's really cute! I've seen a similar jewelry rack where the spools were used to hang necklaces and bracelets - I was thinking of making one of those for my dresser with some old spools I picked up at a flea market.