We have a similar quilt in our family, dated in the early 1920's. It was made by my Grandmother's family and friends when she got married. The initials on the quilt were my Grandmother's (prior to marriage). I do know that the scraps included some of my Great Grandma's wedding dress and other meaningful outfits. Even my Great Grandpa sewed a patch! A wonderful gift for a bride.
I'm hoping this information will help you determine the history of your quilt.