Just found this online at
http://hartcottagequilts.com/vintage
Vintage/antique quilts are finished in three ways: with a separate binding (particularly on curved-edge quilts); by wrapping the backing around to the front or vice-versa; or (rarely) with a "knife" edge, folding under the raw edges of the front and back and invisibly stitching them together.
The first two finishes can be done at home by hand or machine, but because the edge of the quilt is finished after it's removed from the quilting frame, a "knife" edge on a homemade quilt can be done only by hand.