Looks tackily wrapped by modern standards. A product of its time!

That looks precisely like the sort of blanket that my grandmother used, perfectly crisp sheets tucked in with hospital corners underneath it (she had been a nurse and took these things very seriously!

Still sold! – I see it on Amazon and Wal-Mart. Garners good reviews.

The model (Joyce DeWitt of Three’s Company fame): https://en.wikipedia.org/wiki/Joyce_DeWitt