It's probably what they call "bedspread cotton" here; that's the weight usually used with a 7 or 8 steel hook, and commonly used to make things like doilies-- so, lacey stuff, yes. (I don't know anyone these days who would attempt an entire bedspread, but the name persists). Although your description of the texture does not sound like the cotton we sell here-- which is not shiny at all, but a sort of matte texture.