You see a piece of paper.
It is torn and blotched, but you can still make out some meticulous handwriting.
Location
Dawnport (here), and Krailos (here and near the stranded pirate ship on Krailos that appears from time to time).
Notes
Use it to read a document.
It looks the same as a Note from the Thieves Guild, an Old Encrypted Text, an Old Piece of Paper, an Old Pirate Poem, a Piece of Paper, a Parchment of Interest, Suspicious Documents, The Alchemists' Formulas and a Translation Scroll.