Unusual 1894 Parcel Front From Sweden To USA

I picked this up from Denny Peoples this past Saturday at a 1-day show in Indiana. It was just too cool to pass it by.

It's a canvas or burlap parcel front from Gothenburg Sweden to Chicago, IL USA in 1894, featuring 28 copies of Scott #49, the 1K bister and dark blue (blue posthorn on back).

There are a number of auxiliary markings, including a squared "R", presumably for registered mail.

I wonder if this was a bullion shipment?