Are there any town or county names? Any dates?
Here in our community (West Texas), friendship/autograph quilts seem to have been popular right around 1930.
I would definitely recommend gently washing it, and then you will have a better idea of what you have. It is odd that there is so much wear on the quilt top, but the batting doesn't show signs of shifting. Perhaps it hasn't been laundered much over these years. It will be quite a project to repair this quilt -- good luck!
Dayle